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Technical analysis update: BTCUSD (22nd September 2021) for BITSTAMP:BTCUSD by Tradersweekly

Overnight Bitcoin dropped below 40 000 USD reaching our short term price target. After that BTCUSD saw rebound back above 42 000 USD. Bitcoin currently trades slightly below this pricetag. We continue to be bearish on BTCUSD and because of that we would like to set new short term price target to 37 500 USD.

Technical analysis
RSI and Stochastic are bearish . MACD performed crossover to the bearish zone which further bolsters bearish case for BTCUSD . ADX continues to grow which means that present trend is getting stronger (downtrend). We expect more selling pressure to occur in the cryptocurrency markets within the following days.

Support and resistance

Closest resistance currently sits around 43 800 USD. Another resistance level above that appears around 53 000 USD (recent peak) and then around 60 000 USD. Closest support sits around 37 000 USD. Then major support sits around 28 600 USD.

Bitcoin continuous futures (Ticker = BTC1! ):

It is visible that downtrend resumed as price exited opening gap zone to the downside.

Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

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