Is Bitcoin bear season here? What Recent Drops Reveal: BTC Technical Analysis

The 10 percent decline in Bitcoin during the day bloodied the entire cryptocurrency market. Although it topped $ 50,000 in early September, BTC, which was unable to stay here, seriously spooked its investors with its $ 10,000 decline. After showing signs of recovery, BTC saw a surge of up to $ 49,000.

Major support and resistance are seen to be working in Bitcoin, which has lost its fight in recent days and has dropped to $ 42,500 during the day.

On the 4-hour chart, key levels can be seen for the leading coin, which fell below the MA20 ($ 46,987), MA50 ($ 46782) and MA100 ($ 47,371) moving averages.

Bitcoin 4-hour chart support and resistance – click to continue

Critical support areas for Bitcoin appear to be the $ 44,000 and more importantly the $ 41,000 – $ 42,000 range shown in green.

In this context, investors are up to date:

  • They can gradually buy up to the green area level, stop when they fall below the green area, and in the event of a surge, they can sell their profits at the red area levels.
  • In case of upward movement; Investors who buy with the break of the red zone can choose to stop at 44,000 or below the green zone, depending on their average. The levels where those who buy at these levels will make a profit will be the blue area.
  • Investors who currently hold BTC and have not broken it can wait for the green zone level to stop, or even below $ 40,000 based on their average. Because 4-hour closes below these levels can trigger declines to $ 38,000 first and then up to $ 36,000.

Investors who own altcoins can also apply these strategies. Because these supports and resistances in BTC will be very important for movements in altcoins.

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