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CTO’s Technical Analysis of Bitcoin: Sept 30, 2021

72-Hour Bitcoin Price Expectations

Price action is holding in the new Channel. I expect price to Zig-Zag inside the new Channel until bulls or bears can take control.

World events are causing confusion, it appears:

  • DJI down (-542)
  • Evergrande (China corp – 350 Billion in debt)
  • Production lines for various products shutting down (aluminum, textiles, automakers)
  • Energy issues in various countries (rolling blackouts)

Personally, I would sit on the sidelines, watching the 1-hour chart and waiting for price action to crossover Support 2. Or, if a correction takes place, keeping an eye on Indicator Y for the next trade opportunity.

Bitcoin Daily Chart Analysis

The previous post price tested Support 2 as resistance and was rejected. Today, Support 2 is testing again, with price currently crossed over Support 2.

I added Interim Support to the chart. Price has bounced off Interim Support six times the past five days.

  • Death Cross (13/50) has solidified itself with a $3k spread.
  • Indicator Y sideways at $46,260. Very bearish. (Pic 2)
  • Indicator X is bullish and still showing signs of a Zag movement (uptick). (Pic 1)
CTO’s Technical Analysis of Bitcoin: Sept 30, 2021 1
Pic 1
CTO’s Technical Analysis of Bitcoin: Sept 30, 2021 2
Pic 2

Bitcoin 12-Hour Chart Analysis

While I am writing this post, price has crossed under Support 2! Look at the daily chart compared to the 12-hour charts!

  • Price action has created a new Channel: Support 2 (as resistance) and Interim Support (as current Support).
  • Indicator Y was tested ‘briefly’ today and rejected. (Pic 2)
  • Death Cross (13/50) also solidified. $3k spread.
  • Indicator X is bullish for the time being, as you can see, nearing the top. There could be Zig-Zagging incoming. (Pic 1)
  • The rest of indicators are reasonably bullish.
CTO’s Technical Analysis of Bitcoin: Sept 30, 2021 3
Pic 1
CTO’s Technical Analysis of Bitcoin: Sept 30, 2021 4
Pic 2

Bitcoin 1-Hour Chart Analysis

This provides a nice close-up of Support 2 being rejected. Price action crossed over for one candle and quickly retreated back under Support 2.

  • There is a trade opportunity (green arrow) when price crossed over Indicator Y (4$ to 5% ROI depending on comfort level)! (Pic 1)
  • Solid “ranging” in the new Channel.
  • Indicators are nearing completion of this run-up and should start cycling in the next few hours.
CTO’s Technical Analysis of Bitcoin: Sept 30, 2021 5
Pic 1

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