Our Technical Analysis Reports are designed to offer a global approach to cryptocurrency markets from both a macroeconomic, and a microeconomic perspective. By breaking down major cryptocurrency price action, we tackle different aspects of market analysis to forecast medium and long-term trends in the crypto markets. Data and news are gathered throughout the week and posted every Monday!

After a three-week consolidation range, $BTC seems to be stalling as the $25.000 high time frame support is getting more fragile by dint of being solicited.

Bitcoin shyly crabbed 4% sideways since mid-august, with a notable pump & dump price action around august close. eek as we are just few steps away from the crucial $24k high time frame support.

With a -11% return in August, September open lacks Bitcoin buyers and downside looks to be resuming as of right now.

Now that the digesting phase of the initial dump impulse has occurred, sellers are likely to be able to push the price downwards for the coming sessions: the momentum remains bearish on high time frames.

Taking a glance at forex, the US dollar continuing its upward trend, defying all expectations of traditional markets. The crucial 103 points resistance we aborted in previous editions holding thus far. Again, the day this uptrend stops will give room for the crypto market to relief.

This week is a busy one for financial news, with some highly anticipated TradFi announcements on September 13th and 14th.

Bitcoin is currently ranging few steps away from its high time frame support, but buyers are unable to push the price further up. After a 9-month rally, it has entered downtrend.

Let’s look at the key price action scenarios from here.

Price is stuck between the $24.000 support and the $27.000 resistance, those points of interest being potential range boundaries.

Bull case: The $24,000 level holds as support

This level is composed of summer 2022’s high and monthly tenkan, this is a level where bulls need to show up. From this area of support, price could bounce and offer a Q2 low as first trouble area ($27.000).

This 27.000$ area will be essential to define a potential shift of momentum:

Bear case: the $24,000 barrier is breached / the $27,000 level holds as resistance.

The $24,000 monthly tenkan (red) levels provide a good overview of market’s state:

Monthly lagging span (orange) continues its rejection from 2021 lows, now we are looking to monitor its reaction of the crucial $24.000 area. Again, if $24,000 doesn’t hold we’d be looking for further fib retracement levels.

From a weekly point of view, there's nothing to celebrate.

After a sharp sell-off in mid-August, the price seems to have been ranging ever since. August 29 to 31 is an important warning sign, fueling the bearish thesis.

Now, we are still within the weekly cloud and, with September’s open, it is giving bearish price action as the weekly kijun level is once again assaulted by bears.

After various attempts to reclaim the weekly cloud, the lagging span continues to move below it, adding a bearish element: this weekly range is once again resolving to the downside.

Hard to extrapolate a bullish thesis without a kijun level reclaim. If its lost (as it is as the rime of righting) we’d be looking at the lower confluence levels highlighted in grey, for potential bounces.

Our questioning regarding whether we are correcting in an uptrend or resuming a longer downtrend remains yet to be resolved.