Trading Signal for BITCOIN for September 13 - 14, 2021: Symmetrical Triangle

analytics613f6e12c0a6d.jpg

The price of Bitcoin is at 44,788, bouncing above the 6/8 murray level. In a 4-hour chart, it is forming a symmetrical triangle pattern. The break above or below the triangle would define the next target for BTC.

The fall of BTC from the high of 53,000 is affecting the other cryptocurrencies, which have accumulated falls of 20% to 30%. Given that BTC is under downward pressure, there is some fear among investors of a possible slump as low as the psychological level of 40,000.

The scenario continues to be bearish for BTC, since in 4-hour charts it is below the SMA of 21 and below the EMA of 200, which makes the recovery of the cryptocurrency difficult.

Therefore, a break above the symmetrical triangle and a consolidation above 7/8 murray around 46.875, will be a sign of market optimism and will be a good point to buy with targets at 50,000, with great caution.

From a technical point of view, the BTC situation looks negative. As long as it remains below 47,000, there is strong selling pressure and it could fall to the psychological level of 40,625. The confirmation will give us with the bearish break below 6/8 of murray.

A good key point to buy at low risk BTC will be the zone of 5/8 of murray around 40,625. If Bitcoin consolidates around this level, we can buy with targets at 43,750 and 46,875.

The eagle indicator is reaching the oversold zone, which could favor the strategy of buying at the 40,625 level or above this zone, while waiting for the recovery of the BTC in the short term.

Support and Resistance Levels for September 13 - 14, 2021

Resistance (3) 46,875

Resistance (2) 45,312

Resistance (1) 44,773

----------------------------

Support (1) 43,750

Support (2) 42,968

Support (3) 42,187

***********************************************************

Trading tip for BTC for September 13 - 14, 2021

Buy above 46,875 (7/8), with take profit at 50,000, stop loss below 45,700.

Sell below 43,750 (6/8), with take profit at 40,625, stop loss above 44,500.

The material has been provided by InstaForex Company - www.instaforex.com

Pages