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BTC's Ongoing Battle
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BTC's Ongoing Battle

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Swissblock Insights
Sep 11, 2023
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BTC's Ongoing Battle
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“Once all struggle is grasped, miracles are possible.” - Mao Zedong

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  • We have seen a difficult 30-day period after decreasing 12% in the previous month, reaching the present $25.8k level. Unstable environment, with the Risk Signal at its peak and momentum remaining somewhat bearish.

  • We predict a volatile week; additional volatility may be implied as we await today's Binance response to releasing crucial inflation statistics later this week. The direction is unknown.

Figure 1: Speedometers with Altcoin Signal, Risk Signal, Directional Momentum and BTC Onchain Fundamentals.
  • Yesterday’s weekly close of the price below the $26k mark has raised concerns as could potentially signal a further decline. BTC starts the week with a fall of 3% and trades below the last low on the daily chart at $25.1k.

  • If a breakout happens, the decline may continue to the $24.5k-$25k area by the end of the week. With the RSI in an extremely oversold level, correction may be in the short-term, but as historical data has shown us, could lead to a rebound.

Figure 2: BTC price evolution with Cipher B, RSI and ATR indicators.

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