BTC Price Outlook(9/8/2023) - 24K Already in the bag?

Greetings! Today, I will explain the technical analysis I did today on the Bitcoin price chart and I will explain the future possible scenarios of the price action.

24K In the bag?

Yesterday, there was a rally up towards 26.4k. Today, as I predicted in my previous post, the price was rejected from resistance (In RSI and 20 EMA) and shot back down to 25.8k. This is a confirmed rejection from resistance, which means that Bitcion will most likely dump more in the near future (September-October).

Additionally, the 20 EMA is still considerably lower than the 50 EMA, which means that we are still in a middle of a bearish move. However, this also indicates that there isn't much downside potential yet.

Shown here


While this means that 20-23k price targets are very unlikely, it still is very likely for a drop towards 24k, which is still within the key support (Which is the barrier between the 20-24k value area and the 25-30k value area) before a re-rally towards the upside.

Currently, I predict that in the beginning of October, we could see the price action re-rally towards 26-27k levels from 24k levels. However, as I said in my previous article, the continuation of the upward trend is completely based on the SEC ETF decisions.



I am firm in my belief that Bitcoin will hit 24k sometime in September (Or maybe October). However, whether there will be a continuation in the macro bullish trend remains to be seen until the SEC BTC ETF decision.



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