Bitcoin Technical Analysis – 28th September​

Since last week's analysis, Bitcoin has retraced to the lower trendline we shared and bounced back.  What conclusions should we take, and do we know where Bitcoin is headed?  Find it out in this week's analysis!
Bitcoin BTC price analysis

Bitcoin Technical Analysis – 28th September

Since last week’s analysis, Bitcoin has retraced to the lower trendline we shared and bounced back. 

What conclusions should we take, and do we know where Bitcoin is headed? 
Find it out in this week’s analysis!

Bitcoin Weekly Chart Analysis

Bitcoin Technical analysis weekly
Bitcoin Weekly Chart on TradingView

The tools used for this analysis are the following:

  • Support and Resistance Levels
  • RSI
  • Bollinger Bands
  • Candlesticks patterns

You can learn more about how to use those indicators in this Guide.

The chart did not move a lot since last week’s analysis. Bitcoin has bounced over the middle Bollinger Band and closed with another bullish hammer candle.

 

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Bitcoin Daily Chart Analysis

Bitcoin Technical Analysis Daily
Bitcoin Daily Chart on TradingView

The tools used for this analysis are the following:

  • Support and Resistance Levels
  • EMA 200 and MA50

As expected last week, Bitcoin retraced back to the lower trendline and bounced.

I am still eyeing the CME Gap as a “Danger Zone”, but the plan would be to trade this potential ascending triangle.

Ascending Triangle Bitcoin technical analysis

 

Bitcoin Hourly Chart Analysis

Bitcoin Technical Analysis btc
Bitcoin H1 Chart on TradingView

With this hourly Bitcoin Chart, the intention is to show you that it is possible to chart & trade Bitcoin on intraday levels with only horizontal support and resistance lines.

What you first need to do is step back and draw support and resistance levels on a higher timeframe. Here, we will use H4 levels, they are quite easy to spot.

Once those levels are drawn on your chart, you will then short resistance and long support levels. On the other hand, if a support breaks, you can short and if a resistance breaks, you can long to the next levels.

As you can notice, this technique was worth the try last week.

Complete Trading Guide

Bitcoin Weekly News

  • Brazilian fund manager and Nasdaq to launch world’s first Bitcoin ETF – link

  • Bitcoin-related ads are now streaming on Disney+ in some regions thanks to Zebpay – link

  • 100M people worldwide now use crypto-based assets, says Cambridge study – link

  • KuCoin Crypto Exchange Possibly Lost $150 Million In Crypto After A Hack – link

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The information above contains information on the cryptocurrency market, which is associated with high risks. These materials are presented for informational purposes only and in no way should be construed as a recommendation for the purchase or sale of the assets. Any person considering trading digital assets should seek independent advice on the suitability of any particular digital asset.

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