Bitcoin Technical Analysis – 28th September
Nothing seems to be stopping Bitcoin yet. It has been pushing above $14,000 this weekend and doesn’t seem to lose its steam.
Pumping during weekends brings more questions than usual.
Ever heard about Bitcoin CME Futures?
CME stands for Chicago Mercantile Exchange. Professional Traders and institutions can trade Bitcoin Futures on CME. However, like all the stock exchanges, the CME closes on weekends.
This may create gaps (difference of price between the closing and opening hours). Those gaps tend to be filled in the future, but the main question I will ask you here is the following:
“Do you think the top of Bitcoin is in if most professional traders and institutions could not sell their bags?”
I DONT THINK SO!
In this article, we are going to review Bitcoin Technical Analysis through multiple timeframes so you can make your own opinion and trading plans.
Feel free to join Nova Blocks on Telegram to discuss with our team and our community!
Bitcoin Weekly Chart Analysis
The tools used for this analysis are the following:
- Support and Resistance Levels
- Bollinger Bands
- VPVR
- RSI
You can learn more about how to use those indicators in this Guide.
Another week another green candle for Bitcoin on the Weekly chart.
Bitcoin doesn’t seem to pause on its way to All-Time High. However, a few indicators tend to show a slowdown.
RSI has entered for the first time this year into the overbought area. While this is not a signal for shorts, it indicates that the run is close to areas where it will be more difficult to go up.
Important levels to watch here are:
- The $12,000 support level
- The $13,500 S/R level
An S/R level is a level that used to be a support or resistance zone but switched to the opposite as the price went through it. $13,500 can be considered as an S/R since back in 2018, after being a weekly support, it turned back as a resistance.
The last weekly candle of Bitcoin closed higher than 13,500. If this support line holds, then this could be going to higher levels. If this zone doesn’t hold, it can be used as a short/sell signal.
As told in last week’s analysis, Bitcoin is in VPVR discovery. Almost no volume has been done at this price range last time we visited it. It is extremely hard not to be bullish from this indicator’s signal.
Bitcoin Daily Chart Analysis
The tools used for this analysis are the following:
- Support and Resistance Levels
- EMA 200 and MA50
- RSI
Bitcoin Hourly Chart Analysis
This hourly chart shows the uptrend channel Bitcoin has been moving in during the past week.
This uptrend is supported by the EMA 200, tested twice.
There are many reasons to think that this uptrend will pursue, and while Bitcoin is confirmed to be inside this uptrend, any “buy the dip” is recommended.
However, falling below the channel AND the EMA can become a concern for the bullish move, and Bitcoin price would be attracted by the first local support, $12,000.
Bitcoin Weekly News
- Singapore’s biggest bank DBS to launch a crypto exchange – link
- Kenya’s central bank is exploring CBDCs due to ‘mushrooming’ of private cryptos – link
- Indian bank to offer crypto services across its 34 branches – link
- Huobi has enabled direct Visa and Mastercard payments – link
- Major French Bank taps ConsenSys to develop digital currency – link
- Cambodia launches inter-banking platform that runs on blockchain – link
- Central Bank of Germany partners with OCEAN Protocol – link
- Gemini and TaxBit partner to solve crypto tax issue – link
- Mongolia’s largest bank to offer crypto-related services – link