Bitcoin Weekly Analysis – 7th September

Last week's price action on Bitcoin has been quite terrible for the late investors. After trying to break $12,000 for the third time, the price was rejected and finally dipped to the $10,000 support. Today we will give you the tools to analyze and try to forecast the future price of Bitcoin.
Bitcoin Weekly Analysis

Bitcoin Weekly Analysis – 7th September

Last week’s price action on Bitcoin has been quite terrible for the late investors. After trying to break $12,000 for the third time, the price was rejected and finally dipped to the $10,000 support.

Today we will give you the tools to analyze and try to forecast the future price of Bitcoin. 

Keep in mind that in all the situations that can happen, since you are invested, you must have a plan.

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

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

Bitcoin closed its last week’s candle below $11,500. The conclusion we can do about it is that the price made another deviation about this strong resistance.

This shows here the strength of this current resistance.

Below we can notice that we just dipped right on a support at $9,700. Since the direction of the trend is upward, we can expect a proper bounce in this area. However, if this level does not hold, we can expect a retrace to lower levels, such as $7,700 or even $6,100.

My plan here would be to hedge the current risk by unloading a significant part of my BTC holdings below this supply area at $12,000. We would need to wait for more bullish Price Action to reload, but the support areas mentioned above can be part of the plan.

Learn Trading with Nova Blocks

cover BC 2 768x1027 1

Learn More

Bitcoin Daily Chart Analysis

Bitcoin Price Technical Analysis Daily
Bitcoin Daily Chart on TradingView

The tools used for this analysis are the following:

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

Last week, in our Bitcoin Weekly Analysis – 31st August, we noticed a bearish divergence. We also highlighted the support area and a trendline.

Today, we can notice the price dumped in our area of interest and also on the 200EMA.
Lagging Indicators such as the RSI and the MACD are not showing any signs of strength, so the plan here would be to be careful and maybe invest twice, the first time here and the second time, once RSI & MACD shows strengths.

Bitcoin H4 Chart Analysis

Bitcoin Price Technical Analysis H4
Bitcoin H4 Chart on TradingView

The tools used for this analysis are the following:

  • Support and Resistance Levels
  • RSI and divergences

The H4 Chart is the most transparent chart to analyze a possible bounce here.
Indeed, on the RSI side, we can notice a confirmed bullish divergence.

The support trendline from the daily chart has also acted as a support.
However, I would be careful. The CME gap is still sitting at $9,600. It gives a high probability of going down and making a rejection from there to close the gap.
Resistance levels are highlighted on the chart with the red area and the white horizontal lines.

Complete Trading Guide

Market Sentiment Analysis

BTC sentiment
Fear & Greed Index

Using the Fear & Greed Index, we can roughly have an estimation of the Market Sentiment. 

As you can notice, we are in an area of Extreme Fear.

Most traders are fearful after the dump, and it shows. We can decide to bet against the trend and accumulate during those “Fears” movements with a high chance of reversal when going below 30.

Recent Posts
Subscribe to the newsletter

Share this article on your social networks:

Share on twitter
Share on telegram
Share on facebook
Share on linkedin
Share on email

The information above contains information on the cryptocurrency market, which is associated with high risks. These materials are presented for informational purposes only and in no way should be construed as a recommendation for the purchase or sale of the assets. Any person considering trading digital assets should seek independent advice on the suitability of any particular digital asset.

Recent Posts

AllBlockchain & CryptocurrenciesTrading
Crypto weekly analysis

Cryptocurrency Market Review (+ VIDEO!) – 30th November

30 Nov 2020

At the time of writing, Bitcoin is today traded at around $18,500....

Read More
Are We About To See An Altseason?

Are We About To See An Altseason? Market Review 24th November

24 Nov 2020

There is no doubt we are in a bullrun, also associated with...

Read More
Bitcoin Price analysis

Bitcoin is consolidating above $16,000 and CME traps week-end shorters

16 Nov 2020

Ever heard about CME? Learn what institutions show you to trap you...

Read More
DeFi : does a decentralized organization engage its responsibility before the law ?

DeFi: does a decentralized organization engage its responsibility towards justice?

08 Nov 2020

Is it possible to engage the responsibility of a decentralized organization (especially...

Read More
Bitcoin Technical Analysis

Bitcoin Surpasses $14,000 during the weekend, the Institutions answer!

02 Nov 2020

Nothing seems to be stopping Bitcoin yet. It has been pushing above...

Read More
Bitcoin Technical Analysis

Bitcoin Technical Analysis – 26th October

26 Oct 2020

Bitcoin broke the $13,000 level last week and is currently consolidating above...

Read More

Receive a digest of Crypto Analysis, News & Articles every week

Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles, analysis, courses, reviews and more!