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
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.
Bitcoin Daily Chart Analysis
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.
Bitcoin Hourly Chart Analysis
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.
