Bitcoin's Trading In $41,000 Range, More Downsides?

 2021-09-28 08:03:15

Bitcoin price failed to break the $45,000 resistance yesterday. BTC is now hovering around $41K and has a risk of more downsides below $42,000 according to the hourly chart below. Meanwhile, it is now trading below the 100 hourly simple moving average.

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The open price of today's(Sep. 28 UTC) was $42,150, and it seems there was no upside continuation above $45,000. The first major resistance is near $43,000. If the price could close above $43,000, Bitcoin would have a chance to start an increase. Due to the news of many exchanges are going to expelling their Chinese users, the price of Bitcoin could be in a low mode in a certain period of time.

 

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI – The RSI is now below the 40-level.

Major Support Levels – $41,000, followed by $40,700.

Major Resistance Levels – $42,800, $43,000 and $44,500.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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