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Daily Technical Analysis Research – Cryptocurrency (BITCOIN)

By Matthew Hayward

September 17, 2024

3 min read

BITCOIN (BTC/USD):

Currently on the daily timeframe, we can observe that Bitcoin is currently trading just below $59,000.00. We look to have found some support within the $53,000.00 region as we tapped into this range again and traded quite strongly out of it thereafter. After finding support, we continued to trade higher into the $60,000.00 region where we found some resistance as price rejected the 50 Exponential Moving Average (EMA).

Daily Technical Analysis Research - Cryptocurrency (BITCOIN) - BTCUSD 2024 09 17 15 50 20 aed09 1024x563

As price continues to trade within the $60,000.00 region, we can observe that the Relative Strength Indicator (RSI), is holding steadily within the 50% region, suggesting that there is no signs of the asset being overbought or oversold as of yet…

Daily Technical Analysis Research - Cryptocurrency (BITCOIN) - BTCUSD 2024 09 17 15 52 27 7d6f0 1024x563

If price action and volatility starts to pick up, I suspect that the first sort of resistance the asset will face is between the $64,000.00 to $65,000.00 region.

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Author

Matthew Hayward

Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...

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