Bitcoin (BTC) increased significantly on Sept 30, creating a large bullish candlestick and reaching the $44,000 resistance area.
It’s also approaching the resistance line of a parallel channel and is in the process of making yet another breakout attempt.
During the month of September, BTC decreased slightly. The difference between opening and closing prices was a decrease of $3,400.
Despite the drop, technical indicators are not yet bearish. The RSI is still above 50 and the MACD is positive. However, both are showing a considerable loss of momentum.
In addition to this, the bearish candlestick was contained in the body of the previous bullish candle and the Supertrend line is bullish.
Therefore, while there is some weakness developing, the monthly trend is still bullish.
