Bitcoin/USD price analysis Sept.24, 2018

[Nikko]

We assume that traders who follow us will have initiated long positions in the range of $6,600–$6,750, as suggested in the previous analysis. The pullback in Bitcoin stalled at $6,831.99 on September 18.

Currently, the BTC/USD pair has corrected back to the support level of $6583.46. Both moving averages are located at this level, so this becomes a critical support to watch.

If the bulls defend this level and a bounce materializes, a move to the downtrend line of the descending triangle is possible. The virtual currency will pick up momentum if the price sustains above the downtrend line.

On the other hand, if current support breaks, a retest of the $5,900–$6,075.04 support is likely. Traders should keep the stop loss at $5,900 because if support breaks, a deeper fall to $5,450 and further to $5,000 is probable.

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