CTO’s Technical Analysis of Bitcoin: Sept 23, 2021
72-Hour Bitcoin Price Expectations
I expect BTC to range between Support 2 ($43,8xx) and Daily Channel‘s bottom ($44,6xx). If the bulls can push through the channel, then Support 1 ($46,6xx) becomes our new resistance. Ranging will then take place between Support 1 (resistance) and the bottom of Daily Channel (support).
Bitcoin Daily Chart Analysis
Price action has crossed over Support 2 and is currently testing the bottom of the Daily Channel.
- Price is approximately $2k away from Indicator Y’s position. (Pic 2)
- Indicator X has flatlined but is starting to show some life. (Pic 1)
- Zig-zag in process while some indicators are cycling.
Bitcoin 12-Hour Chart Analysis
The bottom of the Daily Channel is clearly being tested at this point. There is a wick pushing through the channel.
Price has crossed over Indicator Y. This is a good sign but I need to see one or two more candles above Indicator X or a successful cross above the Daily Channel to be convinced. (Pic 2)
- Indicator X is sideways and wanting to turn up. (Pic 1)
- Zig-zag in process, price should start creeping up until Daily Channel’s bottom can be crossed over and sustained.
- Death Cross is still in play.
Bitcoin 1-Hour Chart Analysis
Price action is now ranging between Support 2 and the bottom of the Daily Channel. The Daily Channel was crossed over and we’re now seeing a pullback.
Will need to watch for a few candles to see where price action takes BTC.
Indicators are cycling, pull back is evident. Zag in process.