Bitcoin Technical Analysis

Bitcoin Technical Analysis – 28th September

Bitcoin broke the $13,000 level last week and is currently consolidating above this level. In the last BTC review, we have been talking about the importance of the $12,000 level. Are we about to see another Bullrun in the history of Bitcoin?

Bitcoin Weekly Chart Analysis

BTC Weekly Technical Analysis
Bitcoin Weekly Chart on TradingView

The tools used for this analysis are the following:

  • Support and Resistance Levels
  • Bollinger Bands
  • VPVR

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

Another week another green candle for Bitcoin on the Weekly chart. In September, when Bitcoin has been consolidating around $10,000, we have been clear that the direction of the trend was still up, and the only resistance was sitting around $12k.

Bitcoin is now consolidating around $13k. If you missed this trade, do not FOMO into a long. Indeed, most indicators are telling this could be a local top, before a retracement. In a bull market, we buy the dips and sell the pumps.

The Volume Profile seems to be empty above $12k. This is most likely Price & Volume discovery around these zones. We do not recommend to take long term trade until the signals are clear.

A decent level of buyback/retracement would be to aim for the middle Bollinger Band coupled with the $12,000 support level.

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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
The Daily chart of Bitcoin shows the power of the Ascending Triangle we have been noticing last weeks. Coupled with the MA50 breakout, it was a great catalysis for Bitcoin’s recent pump.

The trendlines sketched on Bitcoin chart shows a possible expanding Wedge.
This pattern is one of the most difficult one to trade. Indeed, the fact that it expands shows that the more it goes up, the more uncertain the market is.
Adding this to the RSI overbought region, we could witness a retracement lower. However, Bitcoin did not reach the upper trendline, and a last push could reach this level.

Bitcoin Hourly Chart Analysis

Bitcoin H1 Chart on TradingView

In terms of the hourly chart, Bitcoin is quite interesting this week.

You can easily notice the weekend pump to the $13,400 with an instant dump. Those market moves often happen during the weekend to shakeout over-leveraged traders.

Just by analyzing the Price Action, it is easy to spot a symmetrical Triangle. This triangle excludes this week end pump, considering as a deviation over the price. However, if we consider this pump in our analysis, we can draw a sweet uptrend channel.

In conclusion, it is, without doubts, still a bullish chart.


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Bitcoin Weekly News

  • Bitstamp adds crypto crime insurance for assets held online – link
  • Japan’s LINE launches CBDC development platform – link
  • Rare Batman NFT Art raises $200,000 in sale – link
  • Uniswap’s first governance vote fails despite 98% support – link
  • OKEx resumes normal function, but withdrawals still closed – link
  • BitMax launches Linear Finance staking with up to 371% APR – link
  • Bitcoin rips higher to $13,000 on continued fiscal stimulus excitement – link
  • Binance Labs raises $1.3M funds for decentralized streaming platform Audius – link
  • JPMorgan turns bullish on Bitcoin citing ‘potential long-term upside’ – link
  • China’s central bank lays regulatory foundation for CBDC – link

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