BTC closed its monthly September candle in the red territory and formed a bearish Doji kind of candlestick after 2 consecutive monthly gains. However, BTC posted a strong green candle in the Weekly TF with 11.71% gains. BTC market dominance is continuously trading in a sideways trend for the last 4 weeks. At the time of writing, BTC is trading around $47,500.
On the higher side, the immediate hurdle is placed in the range of $49K-$49.5K. If it breaks this level decisively on the weekly basis, the next resistance is present at $51.5K followed by the $53.5K.
On the lower side, BTC has been trading in a range of $47K to $48.5K for the last 4 days, if the support of $47K is broken the next potential support is present at $45.3K.
Overall, on the larger TF’s, the trend is still sideways to bearish, however, once we get a decisive closing above $50K, then the trend will turn in favour of bulls. But, the breakout from the upper and lower level will confirm the direction of the trend.
On the higher side, the immediate hurdle is placed in the range of $49K-$49.5K. If it breaks this level decisively on the weekly basis, the next resistance is present at $51.5K followed by the $53.5K.
On the lower side, BTC has been trading in a range of $47K to $48.5K for the last 4 days, if the support of $47K is broken the next potential support is present at $45.3K.
Overall, on the larger TF’s, the trend is still sideways to bearish, however, once we get a decisive closing above $50K, then the trend will turn in favour of bulls. But, the breakout from the upper and lower level will confirm the direction of the trend.