This week’s graphic analysis of bitcoin (between September 16 and 22) focuses on the weekly period, which has a medium-term horizon. From this perspective, it is possible to identify a consolidation of the asset price in the region of US$ 18.5 thousand to US$ 24.5 thousand.
From this perspective, as the trend is still bearish if there is a breach of the lower level mentioned, there is a possibility that the BTC will reach the region of US$13,000, which is seen as the next barrier.
In the view of Transfero’s research team, if this does not happen, there is still the possibility of the formation of a double bottom, which would reverse the current downward movement to a high, causing the bitcoin price to return to the upper levels of US$25,000 to US$30,000.
Chart generated by TradingView
“If we consider the Fibonacci projection from previous analyses, with the loss of the second target, which is at US$17,000, the asset should seek the third target, seen in the US$8,000 zone, a level that has not been reached since April 2020”.
Chart generated by TradingView
Finally, according to the daily chart, bitcoin follows in an attempt to lose the support established at US$18.5 thousand. “After having thwarted an attempted bullish rebound, when it rose approximately 20% (between September 7-12), BTC has returned to the base of the rectangle, as highlighted below”, the analysts pointed out.
Chart generated by TradingView
