Bitcoin : Weekly Analysis

Since last week, there was clear that there would be a clear move either upwards or downwards. This happened in 24 September, after a symmetrical triangle which was formed over the last weeks, when a sharp downward move broke the resistance of $ 9.080. The next resistance in the technical analysis graph was at $ 7.450.

In the meantime, Bitcoin’s price fell in $ 7.330. This was a 61,88 % return in Fibonacci series, having an ultimate low at $ 3.230 and an ultimate high at $ 13.970. That was a major correction but in panic levels, showing that holders are not willing to liquidate their positions.

If the price remain under the resistance of $ 7.330, the momentum will be lost and the hope for quick upturn move will disappear. Regarding the RSI index, it is on the over-sold area, showing that there are irregular selling commands over the regular flow. In addition, any upward move will meet the resistances of $ 9.080 and those of the symmetrical triangle. The price movement over the next days will show if there is a buying opportunity or not.