According to the charts, BTCUSD pair is forming a descending triangle pattern and getting ready to test the support. Will Bitcoin break below the $6000 mark in coming days? Here is the 10 September Bitcoin Technical Analysis.
10 September, AtoZ Markets – Today, the Bitcoin or BTCUSD pair is trading near the daily resistance level above the $6300 mark with a 24 hours trading volume of $ 262.64 Million. After losing the sentiment in past few days, the coin reached a total market cap of $ 109 Billion. Also, Ethereum, Ripple and Bitcoin Cash followed the same pace and tends to loose the total market cap. As in the charts, Bitcoin has formed a lower highs, gearing up to break the strong support near $5,900 levels. Moreover, the Bitcoin is possibly ready to form a descending triangle pattern. Mainly, the regulatory news is hitting the crypto market as on Sunday, the SEC issued an order seeking to suspend the trading of the Bitcoin Tracker One and Ether Tracker One exchange-traded notes.
10 September Bitcoin Technical Analysis
In the last 1 Week the price has moved by $ -946.06 (-13.03%) with a total volume of over $ 3.19 Billion. The highest price, $ 7,417.65 , was on Tuesday, 04 September 2018 (5 days ago). The lowest price, $ 6,134.76 , was on Saturday, 08 September 2018 at (1 day ago). The BTCUSD pair currently formed an evening bearish star candlestick pattern in 1H time-frame with high reliability. This means that during an uptrend, the pair builds strength on a long white candlestick. The second candlestick trades within a small range and closes at or near its open. This emerging pattern generally shows an erosion of confidence in the current trend. The path of least resistance is upside as the 100 SMA is still above the long term 200 simple moving average.
According to Fibonacci retracement charts, the BTCUSD pair is still trading below the 23.6% Fibo. retr. zone. As of now there is no sign for the BTCUSD pair to gain momentum from this point. On the upside, the traders need to wait until the price reach the 38.2% Fibo retr. zone i.e above the $ 6600 levels. The Bitcoin price if trade above the golden ratio zone might gain momentum and an upward pull towards $7000 could be seen. On the downside, if the price failed to sustain the daily support and hit the weekly low than the price might drop towards $5700- $5800 in coming days. In my opinion, the traders should wait for the BTCUSD to gain bullish momentum as the sentiment still are not in support for buying position.
- The relative strength index(14) value is nearby 39.85 which signals “SELL” in daily timeframe.
- The CCI(14) valued at -144.45 which again signify selling signal in 1D chart.
- The MACD(12,26) – selling signal in daily charts.
- Moreover, according to ATR(14), the BTCUSD pair is Less volatile.
BTCUSD Daily Pivot Points
The Bitcoin has significant daily strong support near $5985 level and resistance near $6397 level.