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The price of Bitcoin fell to 39,494, the price level of August 5, below the psychological level of 40,000 and below the 5/8 of murray located at 40,625, due to the general uncertainty in the cryptocurrency market in light of the announcement of the Fed's monetary policy.
After the Fed announcement, Bitcoin managed to consolidate above the 21 SMA, supported by the stock market that also responded positively to Powell's comments. Investors bought BTC at the level of 40,000 and a rebound from 12% is expected to the level of 46,011.
BTC managed to make a technical bounce above 40,625 and is now consolidating above the SMA of 21 located at 42,984. We believe that if it remains above this level, BTC can continue rising to resistance of the 200 EMA located at 46,011 and the top of the bearish channel.
The eagle indicator is bouncing above an uptrend channel, which means that the market volume is increasing due to the increase in buy orders, which is a positive signal to be able to buy BTC above 42,984.
On the contrary, a fall to the psychological level of 40,625 will also be seen as an opportunity to buy BTC because the lower line of the bearish channel is located below, which also offers support to BTC.
Support and Resistance Levels for September 23 - 24, 2021
Resistance (3) 46,515
Resistance (2) 45,035
Resistance (1) 44,314
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Support (1) 42,263
Support (2) 41,121
Support (3) 40,558
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Trading tip for BTC for September 23 - 24, 2021
Buy above 42,984 (SMA 21) with take profit at 45,035 and 46,011 (EMA 200), stop loss below 41,950.
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