TL; Fault DR
- Bitcoin price analysis shows that digital currency is completing the head and shoulders pattern.
- If this pattern fails, the price of Bitcoin will drop to $ 44,200.
- Current support is at $ 44,487.
- The current resistance at the mark is $ 44,976.
Bitcoin price analysis shows that the king of cryptocurrencies is coming out of the head and shoulders pattern. The head and shoulders pattern is a downtrend, and if it hits, the king of cryptocurrencies could fall further in the $ 44,200 range. In the last 24 hours, Bitcoin has fallen 0.28% and more than 13% in the last seven days. Signs of a breakdown since the September 7 crash due to $ 3.7 billion in liquidity have charted.
As the chart shows, the king of cryptocurrencies is emerging, which means that the downtrend has already disappeared. In this case, a smaller inverted pattern of head and shoulders is also being made. Otherwise, the bearish head and shoulders are hitting the king and further reducing the price.
Bitcoin price analysis 1-day chart with a bearish sign
The overnight bitcoin price analysis chart shows signs of decline everywhere. The Bollinger Band acts as the strongest resistance point at $ 52,294. Fluctuations have increased slightly since September 7. The average Bollinger Bands shows resistance at $ 47,989. The nine-day moving average is resisting $ 47,201.
The mean of the Bollinger Bands and the nine-day moving average show the bearish signals. The Bollinger Bands Average is found at $ 43,683, which is a strong support signal. The relative strength index (RSI) also shows a neutral sign with a score of 43.65.
The 4-hour BTC / USD price chart confirms the downtrend
The four-hour Bitcoin price analysis chart confirms the anomalous struggle that the king of cryptocurrencies is going through. Fluctuations in the 4-hour chart have decreased, which is a good sign. The Bollinger Bands are available at the resistance level above $ 46,662 and the Bottom Bands are at $ 44,418.
The Bollinger Bands average and the nine-day moving average continue to offer bearish crossovers at $ 45,540 and $ 45,442, respectively. The RSI is also slightly downward with a neutral signal at 35.37.
Conclusion Bitcoin price analysis
If the current move of the Bitcoin price completes the head and shoulders pattern, the return is expected to reach $ 44,200. However, if the damage is already there, a short reverse head and shoulder can push the price up to the $ 45,000 mark. If the current support ends, the price will most likely reach its highest level and will gain instead of losing on the charts. If current support is shaken, the king could fall in that scenario as well.
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