BTC Price Review and Technical Analysis 18.09.2023

BTC, as mentioned in our previous analysis, managed to hold above the $25,000 level by not closing below it, gaining nearly an 8% momentum towards the next resistance levels.

As seen in the chart, as long as there are no adverse news or similar situations affecting the market, the primary target region seems to be the S/R flip (Support/Resistance flip) zone at $28,000-$28,500, unless it’s challenged.

If the resistance is broken, the next area to aim for appears to be around $32,000. S/R flips are price regions where support turns into resistance or resistance turns into support and are quite common and effective price movements in the market.

If it faces rejection from this zone, as in our previous analysis, a retracement towards the $25,000 level can be expected, unless it holds in the interim support regions.

Although we are not trading based on Tether Dominance, it’s a chart that helps us understand where the market is likely to react in our entries and exits. For example, if USDT.D is in a support position, we can expect the market to be in a bearish trend when it rises from there. Conversely, if BTC is in a support region and the USDT.D chart is in a resistance region, we can use it as a confirming indicator for our long position entries.

As seen in the chart, USDT.D is currently in an interim support region. We can say that the market may continue its upward movement with retracements to the downside as long as it fails to break the last tested 8.50% region.

The analysis shared here are not intended as investment advice, but rather as potential short to medium-term trading opportunities in the market. The responsibility for taking trades and managing risks lies with the user. It is strongly recommended to use stop loss orders when executing trades.

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