Bitcoin traded around $76,400 to $76,700 early Sunday, according to a market analysis cited by Odaily. The report said the asset saw sharp swings on Sept. 12, moving between $79,837 and $76,040. In the near term, price action has struggled twice in the $82,300 to $82,800 resistance zone and remains below several short-duration moving averages, pointing to weaker short-term momentum.
Daily indicators in the report were mixed rather than uniformly bearish. Of 11 oscillators, two were bearish, eight were neutral and one was bullish. Among 15 moving averages, nine flashed bullish signals, five were bearish and one was neutral. The analysis also noted that Bitcoin continues to hold above the 30-, 50-, 100- and 200-period exponential and simple moving averages, keeping the broader trend constructive.
The cited support area stands at $76,000 to $76,500, with the next support band at $74,000 to $75,200. On the upside, resistance is placed between $78,500 and $82,800. The report said a move above $78,500 could open the way for another test of higher levels, while a drop below $76,000 would shift focus to support near $74,000.
Bitcoin traded at $76,400 to $76,700 early Sunday, according to a Bitcoin News analysis cited by Odaily. The report said the cryptocurrency swung sharply between $79,837 and $76,040 on Sept. 12.
In the short term, price action was rejected twice in the $82,300 to $82,800 range and remains below several shorter-term moving averages.
Daily indicators show mixed signals
On the daily timeframe, the report counted 11 oscillators, with two bearish, eight neutral and one bullish. Among 15 moving averages, nine were bullish, five were bearish and one was neutral.
Bitcoin also remains above the 30-, 50-, 100- and 200-period exponential moving averages and simple moving averages, according to the analysis.
Key support and resistance levels
The analysis said the $76,000 to $76,500 area continues to act as support, while the next support zone is $74,000 to $75,200. Resistance is placed between $78,500 and $82,800.
A move above $78,500 could lead to another test of higher levels, the report said. If Bitcoin falls below $76,000, attention would turn to support near $74,000.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
