Bitcoin Technical Analysis

Bitcoin Technical Analysis – 21st September

Since last week’s analysis, Bitcoin has broken its range upward and has reached $11,200.

Today we are going to analyze if that movement means we are going higher and fully retrace from our previous dump, or if we are going to see deeper levels.

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.

As expected last week, the green zone acted as a support and the bullish hammer put a bullish pressure on the weekly chart. Now we can notice that this bullish hammer is followed by a green candle creating a morning star candlestick pattern.

The weekly direction still seems to be upward on the long term.

Learn Trading with Nova Blocks

Learn More

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

We bounced nicely from the green support zone. Bitcoin did not fill the CME gap but reached the first local resistance before. This resistance is also backed by the MA 50.

I expect first a retrace to the lower level of support before a compression below the resistance, and a more likely to happen breakout to the last high.

However, this CME Gap is still scary because statistics shows that CME gap are almost always filled.

Bitcoin Hourly Chart Analysis

Bitcoin H1 Chart on TradingView

The tools used for this analysis are the following:

  • Support and Resistance Levels
  • Volume

In this H4 Chart, we will analyze a bearish scenario for Bitcoin. If we consider $11,200 as the local resistance from the S/R flip, then we can create a bearish formation by retesting this level (or quite below) and fail on the trendline connecting the 2 last swing tops.

The aim of this move would be to fill the CME Gap at $9,600 and even go lower to bounce on the support trendline and create a bull flag.

⚠ This scenario is highly speculative and does not rely on Technical indicators. It needs to be confirmed first before being traded.

Complete Trading Guide

Leave a Comment