FX.co ★ Technical analysis on Bitcoin for September 18th, 2023.

Green line -resistance trend line

Red lines- bullish RSI divergence

Blue line- support trend line

Bitcoin price is trading around $27,300. As expected by our previous analysis, a bounce higher is under way as price is challenging the green downward sloping resistance trend line. The bullish RSI divergence (red lines) suggested that a bounce was imminent. With price respecting the blue horizontal support level, a move higher was the most probable outcome. The green resistance trend line provides resistance at $27,770. A move towards that price level is highly likely. However traders need to be cautious as price is approaching key resistance levels. The upside potential is now limited. A rejection at the green trend line would be a bearish signal and a pull back should then follow.