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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.
CTO’s Technical Analysis of Bitcoin: Sept 23, 2021 1
Pic 1
CTO’s Technical Analysis of Bitcoin: Sept 23, 2021 2

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.
CTO’s Technical Analysis of Bitcoin: Sept 23, 2021 3
Pic 1
CTO’s Technical Analysis of Bitcoin: Sept 23, 2021 4
Pic 2

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.

CTO’s Technical Analysis of Bitcoin: Sept 23, 2021 5
Pic 1

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