19.09.22 Analysis of BTC/USD – The decline continues, will the support fall?

Bitcoin (BTC) ended last week in the opposite direction from the previous week. As a result, the declines continue. That is, the liquid area is fully tested, which is around $19,000. Therefore, we are close annual low, which is about $17,600. It is therefore now a question of whether we will break the previous minimum. If so, this is a bearish signal to the next support located around $16,000.

Current situation 1W BTC/USD

As I said in Sunday’s video analysis, the BTC rate struggled and failed nearby resistant confluence, which is around $23,000. Is there resistance diagonalthe local price level and 200 weekly moving average. Plus there were factors on the daily chart. Mainly moving averages.

A fairly concentrated set of factors indicating that a breakthrough will not be easy. once inflation data for August was published, the market got an impetus to decline. And that just at the moment when the course was close to strong resistance. Then the logical outcome is a slump.

BTC

What the BTC market gained in the week before last, it lost in the last week. The bulls that entered the market the week before last left the market last week.

However, bears do not have it easy either, as the level around USD 19,000 is also repeatedly confirmed as reliable. Plus it’s close 300 week moving average.

And that one is key in that it has never been broken before. If it breaks, it is a signal for a very long and deep bear market. Of course, we don’t just rely on technology. We also take into account several macroeconomic factors.

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In conclusion

The graph shows that the BTC rate does not have much room to move. We either have to break through up or down. That’s why I think he can make a decision this week. I remind you that the decisive factor may be the Wednesday session Fed. As always, we will devote a lot of time to the event.

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ATTENTION: None of the information in the article is investment advice. The analysis does not attempt to predict future price developments. It serves exclusively as educational content on how to think about the market. Do your own research and analysis before making any investment, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual consideration of risks

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