September does not seem to be a good start for the price action for cryptocurrencies, and indeed Bitcoin today retreated below the $26,000 area which somewhat creates concern among bullish traders.
Concern is mounting over Bitcoin's price action, as William Suberg headlined in his article on the Cointelegraph portal that Bitcoin is facing RSI as the price slides towards a new 2-week low, which is a dismal start for Bitcoin for the month of September.
Subert also highlighted the fact where, "Bitcoin bearish traders took full advantage of August's monthly close, with downside volatility characterising the Bitcoin and crypto markets overnight".
On the other hand, the Rekt Capital team noted the following "We have seen for a long time, several months - more than a year, actually - that this trend line holds, and if we lose this RSI trend line, we are likely to see further declines".
Likewise and according to data from CoinGlass, "Targets for a further fall are at various points on the way to USD 23,000, currently a favourite among traders. "7% to 13% would be reasonable" for September losses by historical standards".
SOURCES CONSULTED
Cointelegraph. Bitcoin lines up RSI showdown as BTC price slips toward new 2-week low. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
I'll keep a close eye on different price predictions for Bitcoin. I believe it might drop below $26,000. If I'm correct, I'll have a chance to earn rewards in the PNL competition, where I'm implementing my strategy.
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