Last week was relatively dull in terms of Bitcoin (BTC) price movements, as a slow bullish trend emerged after Bitcoin price found a position above $ 10,000. The rally then continued to $ 11,000 on September 18th, but was pushed back by some short-term resistance levels.

Last week was dedicated exclusively to Uniswap (UNI) and the token giveaway, as well as a handful of high-performing stock exchange listings. In the meantime, let’s take a look at the bitcoin price and its charts to determine where the cryptocurrency market might move in the next week.

Bitcoin daily chart is showing slow movement, currently facing significant resistance.

The $ 11,200 to $ 11,400 range was a support for a long time until the $ 10,000 crash. If this range from $ 11,200 to $ 11,400 is breached, a fresh test of higher levels comes back on the table.

As can be seen from the chart, the nearly $ 9,600 test level (which is also a CME gap) was incomplete. The level was set by traders and the bitcoin price jumped above the $ 10,000 level again.

Now you can create a selection from these two areas. On the other hand, the $ 10,000 area is a large support area with a potential impact of $ 9,600. On the other hand, $ 11200-11400 is the key breakout resistance area.

The 2 hour chart shows a clear picture of the current trend. Every previous resistance turns into support in order to continue this rally higher.

The most important obstacle to overcome appears on a large red field. You can find between $ 11,200 and $ 11,400. If this resistance level is broken, the $ 12,000 retest will be back in action.

However, if Bitcoin’s price moves beyond the $ 10,750 range, more shortcomings are increasingly likely, with a range of around $ 10,000 as potential support levels.

The total market value of the cryptocurrency is located in a different accumulation area.
Weekly chart of total cryptocurrency market capitalization

If you want to start analyzing charts, it is best to start with higher timeframes. In this case, the total market value of the cryptocurrency represents several clear levels that you should pay attention to.

As long as the market supports more than $ 250-255 billion, we can assume that the market is in a general uptrend. A new high was printed recently and the market is currently looking for a new high.

Breaking $ 400 billion could trigger fireworks, raising their value to $ 500 and possibly $ 700 billion.

A clear breakout of the $ 11,200 to $ 11,400 resistance range is unlikely to be expected simultaneously. I suspect we’ll see an additional range of movement after the bounce in the $ 11,200 range.

Important levels to see include maintaining support at $ 10.750 and resuming rally against resistance area where bounce will be the first to look for.

Should rejection occur, a re-test bearish and confirmation of $ 11000 resistance will ensure more bearish momentum as shown in the graph.

In other words, a re-test of the $ 11,000 downside is likely to reflect downward momentum and increase the re-examination by $ 10,600 and $ 10,200.

For bulls, this is creating new annual price hikes, which depend heavily on overcoming the multi-year resistance level of $ 12K in order to continue the trend until the end of the year.

Source: CoinTelegraph

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