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CTO’s Technical Analysis of Bitcoin: Sept 27, 2021

72-Hour Bitcoin Price Expectations

Price action looks very bearish. I will be watching the 1-hour chart as indicators start trending bullish to see where price goes. If there is little to no movement with 1-hour price action I am expecting more downside.

  • Even though I have not drawn it on the charts there is an interim Support level: $40,7xx.
  • If 1-hour action is not fruitful, I can see $40,7xx being tested.
  • If 1-hour can push through Support 2 and hold, price can start ranging and testing Daily Channel’s bottom.

Bitcoin Daily Chart Analysis

Price action from the last post showed BTC testing the Daily Channel’s bottom as resistance. Daily Channel bottom was rejected and the very next candle was a -4.58% decline.

  • This rejection also crossed back under Support 2.
  • Support 2 is being tested and is acting as resistance.
  • Indicator Y has gone sideways and is now approximately $3k away from price. (Pic 2)
  • Indicator X is still bullish. (Pic 1)
  • Death Cross (13/50) still in progress.
  • Zig-zagging in play currently.
CTO’s Technical Analysis of Bitcoin: Sept 27, 2021 1
Pic 1
CTO’s Technical Analysis of Bitcoin: Sept 27, 2021 2
Pic 2

Bitcoin 12-Hour Chart Analysis

Here, you can see the Daily Channel’s bottom tested and rejected. Price also falls through Indicator Y and Support 2. Almost every candle after the rejection has tested Support 2, which is acting as resistance.

  • Indicator X has topped out and will start cycling into a bearish condition. (Pic 1)
  • Indicator Y is hovering between Daily Channel’s bottom and Support 2. (Pic 2)
  • Death Cross (13/50) still in progress.
  • The rest of the indicators are supporting zig-zag in process.
CTO’s Technical Analysis of Bitcoin: Sept 27, 2021 3
CTO’s Technical Analysis of Bitcoin: Sept 27, 2021 4

Bitcoin 1-Hour Chart Analysis

Price action has steadily been declining for the past 18 hours.

Price is approximately $1k below Indicator Y.

Indicators are cycling and bearish at the moment. They probably have several hours before they round the bend and show bullish signs.

CTO’s Technical Analysis of Bitcoin: Sept 27, 2021 5

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