BTC technical Analysis

Bitcoin Weekly Analysis – 14th September

Since last week’s analysis, Bitcoin has been traded in a range between $9,800 and $10,500. People are unsure about the next direction the price will take, but it seems to take time.

In this article, we will give you an overview of Technical Analysis that can be done on Bitcoin, so you can have a better idea where to position yourself on the market.

Bitcoin Weekly Chart Analysis

Bitcoin Price Technical Analysis Weekly
Bitcoin Weekly Chart on TradingView

The tools used for this analysis are the following:

  • Support and Resistance Levels
  • RSI
  • Bollinger Bands

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

As expected last week, the green zone acted as a support. Despite the multiple attempts to break down, BTC remained strong and closed its weekly candle with a bullish hammer.

Bullish Hammer Technical Analysis

If you observe the Bollinger Bands, you can notice that the upper line has rejected BTC, and it is currently above the medium band, acting as a support.

Last but not least, RSI is still above 50 and not showing any signs of weakness.

This weekly chart shows strength until it’s above the green level. As anticipated, this level should be holding.

However, if it starts breaking down, the best move should be to exit the BTC market until it shows any signs of reversal.

 

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Bitcoin Daily Chart Analysis

Bitcoin Daily Chart on TradingView

The tools used for this analysis are the following:

  • Support and Resistance Levels
  • EMA 200
  • RSI and divergences
  • VPVR

Not much as been evolving in this chart since last week’s analysis. This chart still shows the strength of BTC in the green area.

The Volume Profile (VPVR) indicates an HVN (High Volume Node) just below the CME gap. If BTC decides to go down to this level, this would be the last area where I would add to my BTC longs. Under this level, I would consider BTC bearish.

Bitcoin Hourly Chart Analysis

Bitcoin Price Technical Analysis hourly
Bitcoin H1 Chart on TradingView

The tools used for this analysis are the following:

  • Support and Resistance Levels
  • Volume
  • Patterns

Today we will analyze the H1 chart which is displaying more information than the usual H4 Chart.

As you can notice, the local resistance here is at 10590. Breaking with volume this level would lead us to a retest of $11.100, the old broken level of support.

The Chart shows here the classic Cup & Handle pattern. This pattern is easy to recognize with the peak of volume in the middle of the pattern, and the handle showing a rising volume.

Cup & Handle Technical Analysis

Along with the Volume, the break out of this pattern is bullish and confirms our previous expectations of the $11,100 retest. However, be careful not longing into a resistance and wait for the confirmed break-out before expecting any bullish move.

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