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Trading Signal for BITCOIN for September 28 - 29, 2021: Sell below $ 41,500 (symmetrical triangle)

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Bitcoin is trading within a symmetrical triangle pattern, which represents an accumulation of the two forces of supply and demand. BTC waiting for a catalyst that causes a break either bullish or bearish. The latter is what we expect. Since BTC is below the 200 EMA and 21 SMA, we expect a drop in the short term to the 0/8 murray level located at 37,500.

The psychological level of 40,000 has acted as a strong support. Each time BTC touched this level, the bulls added strong buy orders and launched what appears to be a recovery. Thus, it is consolidating since September 20, but soon this scenario could change.

However, the bullish force is running out as seen in the 4-hour chart. The formation of the symmetrical triangle and that fact that BTC remains below the 200 EMA shows a bearish sign and negative outlook. Therefore, any technical bounce will continue to be a good opportunity to sell below 45,312.

A further increase in buy orders will probably push BTC to the resistance level of 45,312, so the price could test the strength of the resistance of the 200 moving average. Breaking this barrier will open the way to a new bullish wave with targets at the psychological level of 50,000, although we believe that it will be difficult to reach it as the US dollar is also exerting pressure.

Our outlook will continue to be bearish for BTC as long as it remains below the 200 EMA and the key level of 45,500. If you observe a technical rebound, it will be a sell signal, the short-term targets are seen at about 37,500.

A break of 37,500 will increase further downward pressure and possibly trigger a sharp decline that will push the price down towards the psychological level of 30,000 in the medium term.

Support and Resistance Levels for September 28 - 29, 2021

Resistance (3) 43,122

Resistance (2) 42,187

Resistance (1) 41,963

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Support (1) 41,339

Support (2) 40,625

Support (3) 39,503

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Trading tip for BTC for September 28 - 29, 2021

Sell below 41,500 (symmetrical triangle) with take profit at 40,625 (2/8) and 37,500 (0/8), stop loss above 43,750.

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