Bitcoin Price Analysis Sep 7 – Sep 13

Bitcoin Last Week

Last week saw a deep drop in Bitcoin. Ending on September 6, Bitcoin’s price stopped at $10,276, down 12.39%, in contrast to the 0.57% increase in the previous week.

Earlier in the week, there was a reversal, as early Monday Bitcoin continued to fall 0.5%, to even lower lows of $11,600. After that, the market took a strong step, Bitcoin rose the highest $12,067 intraweek.

Bitcoin broke through its first major resistance level at $12,006 before turning down.

The reversal sent Bitcoin to its deepest drop to just $9,926 on Saturday intraweek.

Bitcoin fell to major resistance levels in turn, and then support levels came into play on Sunday.

On this Sunday, Bitcoin broke through its third major support at $10,151 to close the week at $10,200.

4 days deep red including a 10.85% decline on Thursday marked every week of bearish.

Bitcoin Ahead Week

Bitcoin would have to break through the pivot level of $10,756 if it wants the first major resistance at $11,587 to emerge.

To do this requires a positive market move, a stronger impact on Bitcoin holdings for it to rise back to $11,000.

If there is not yet any good signal from the market then the resistance level will be $11,000.

In the event of a breakout, Bitcoin is likely to have resistance at $12,000 to be active before any pullback. However, Bitcoin is likely to surpass a second major resistance at $12,898.

Conversely, the first major support at $9,445 will appear if it fails to reach $10.756.

If there is a sell-off, Bitcoin avoids the $9,000 and $8,615 mark.

At the time of writing, Bitcoin is up 0.18% to $10,294.

Source: FX Empire