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Cryptos Technical Analysis: Bitcoin (BTC/USDT) – 27/09

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Bitcoin has rebounded from last week's sell-off but still faces sales at higher levels, suggesting the market may remain red for a few days.

Bitcoin has seen wide fluctuations in its price fluctuating between the 100-day simple moving average ($41.078) (SMA) and the 20-day exponential moving average ($44.982) (EMA) in recent days, indicating that buying strength is making inlays on the lows while bears are selling on resistance ($44.982).

With the recent fall of the 20-day EMA and also the Relative Strength Index (RSI) below the midpoint indicates that the path of least resistance is to the downside. If the selling force drops the price and keeps it below the 100-day SMA, the selling could intensify.

Cryptos Technical Analysis: Bitcoin (BTC/USDT) - 27/09

On a bearish basis BTC could drop to $37.332,70 and if this level also breaks, the drop could extend to $30.000.

However, this bearish analysis will be invalidated if the price of BITcoin BTC rises from its current level and stays above the moving averages. Such a move will suggest that the bulls are back in the game. The BTC could seek resistance at $48.843,20 and further ahead the next resistance at $52.920.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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