The BTC has consolidated after the slump on September 7 from the level of 46,800 to 43,750. This range had been putting downward pressure on Bitcoin until September 14 when it managed to break. Now it is consolidating above this level.
According to the 4-hour chart, the outlook seems bullish for BTC. Now it has the support of the dynamic line of the 200 EMA and the 21 SMA. Besides, the eagle indicator has also broken its imaginary bearish line, showing a bullish signal.
For the bulls to maintain momentum, BTC should stay above 7/8 murray located at 46,875. Thus, it could rise to the 8/8 resistance murray. If the market becomes more optimistic, BTC price could surge to the strong resistance of 53,125.
On the contrary, if the price fails to gain bullish strength, or if investors look scared, it could fall below the EMA of 200. This will be the beginning of a new bearish wave that could drag the price to the psychological level of 40,000 zone of 5/8 murray.
Our outlook in the short term will be bullish on condition that BTC holds above 46,875 with targets at 50,000 and up to 53,000. On the contrary, below 45,900, it will be a sign that BTC has entered the bear market.
The technical reading of the eagle indicator is showing a bullish signal. Accordingly, we can continue buying, only above 7/8 of a murray.
Support and Resistance Levels for September 15 - 16, 2021
Resistance (3) 49,919
Resistance (2) 48,409
Resistance (1) 47,584
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Support (1) 45,249
Support (2) 43,750
Support (3) 42,915
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Trading tip for BITCOIN for September 15 - 16, 2021
Buy above 46,875 (7/8), with take profit at 50,000 (8/8) and 53,125, stop loss below 46,000.
Sell below 46,500 (EMA 200), with take profit at 43,750 and 40,625, stop loss above 47,800.
The material has been provided by InstaForex Company - www.instaforex.com