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CTO’s Technical Analysis of Bitcoin: Sept 16, 2021

72-Hour Bitcoin Price Expectations

Price action will reside in the current channel. Watch the 1-hour candles, see if price tests Support 1 or presses the top of the orange channel. I am leaning toward the testing of resistance.

Bitcoin Daily Chart Analysis

New channel: I am not wild about the new channel but it is what it is. Let’s see how it plays out! Support levels remain the same.

In the last blog, I mentioned that BTC was priming the pump. BTC indeed had a 7%+ pump. (pic 1)

Indicators are showing bullish and I suspect that price action will play around in between the daily channel top and Support 1. Zig-zag in play. If Support 1 cannot hold, then the daily channel bottom should hold as support.

If bulls can push price action to crossover daily channel top, expect resistance to be tested.

Indicator Y is showing sideways action ahead. Indicator Y is a quantum-like indicator. Y can act as support or resistance. This is a brand new indicator and time will tell how effective it is. If it doesn’t perform, I will throw it in the trash! (pic 2)

Indicator X is bullish. (pic 3)

All eyes on the Golden/Death Cross (GC/DC) 13/50!

The SMA13 is declining and has a $1700ish spread. This is something to keep track of, as it’s another tool in the trader’s toolbox.

CTO’s Technical Analysis of Bitcoin: Sept 16, 2021 1
Pic 1
CTO’s Technical Analysis of Bitcoin: Sept 16, 2021 2
Pic 2
CTO’s Technical Analysis of Bitcoin: Sept 16, 2021 3
Pic 3

Bitcoin 12-Hour Chart Analysis

The 12-hour looks very similar to the daily charts. We can see with more clarity that price action is playing inside the new channel.

  • Indicator X is bullish but is topping out and sliding sideways. I expect X to turn bearish shortly.
  • Indicator Y is currently acting as resistance.
  • All the other indicators are prepping to cycle, so a temporarily pull back to Support 1 is very possible.
CTO’s Technical Analysis of Bitcoin: Sept 16, 2021 4
CTO’s Technical Analysis of Bitcoin: Sept 16, 2021 5

Bitcoin 1-Hour Chart Analysis

The 1-hour paints a very detailed picture of price action moving around inside the new channel and support levels.

Indicator Y is TBD as useful in this short-term timeframe. I have only been testing this indicator for about 12 hours. It is currently acting as resistance. Can price cross over Y? Maybe this can provide short-term trading opportunities–we will see!

Indicators are finishing their cycle and in the next few hours, they should start to ramp back up. In the meantime, there is still the possibility of Support 1 being tested.

CTO’s Technical Analysis of Bitcoin: Sept 16, 2021 6

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