CTO’s Technical Analysis of Bitcoin: Sept 13, 2021
72-Hour Bitcoin Price Expectations
BTC is priming the pump!
I see price action floating in the Support 1 to Support 2 channel. When the bulls start running, let’s see how Support 1, acting as resistance, plays out. I don’t see any indicators showing me that Support 1 will crossover. It all depends on how hard the bulls push. Flip a quarter when price action starts moving up, I can’t call it either way. Time will tell!
Bitcoin Daily Chart Analysis
After the -11% correction, price action has been playing in the Support 1 to Support 2 channel.
The daily indicators are still bearish, including “Indicator X”. This is telling us that daily price action is still likely to be sideways or bearish. Maybe the 12-hour can show some movement incoming. A test of Support1 as resistance, perhaps?
Bitcoin 12-Hour Chart Analysis
WOW! Look all those wicks! The current candle has crossed both Support 1 as resistance and Support 2 as support. The main body of the candle is extremely tiny. Serious indecision in the market.
The 12-hour indicators look like they are about to let the bulls run! Indicator X is also primed and ready for a ride!
I have a couple of indicators that are still showing sideways action for a few more candles before the bulls take a run.
BTC is not quite ready to go for a ride up, looks like consolidation is not quite finished yet. The 12-hour is very close, though.
Bitcoin 1-Hour Chart Analysis
Price is playing perfectly between Support 1 as resistance and Support 2 as support. This chart really shows off the market indecision. Big candles and large swings all while playing in this channel.
The 1-hour indicators are currently cycling but are mostly bullish.
It looks like there are two possible trades in the past 12 hours that had enough ROI to make it worthwhile. I would not have traded either of the trades, as there is way too much indecision in the market and there was zero basis to make the trades at the time. It is not about grabbing every trade. It’s more importantly about not losing on a trade.