Bitcoin (BTC) price Technical Analysis | 22 September 2019

in steemleo •  11 months ago 

Hello dear Steemians!

Let me share my view on Bitcoin's current situation, according to the Technical Analysis that I use.

Recently the price of Bitcoin has been hovering near the psychological level of $ 10'000 per one digital coin. At the moment BTC/USD pair is trading at the level of $ 10'029 on the crypto exchange Bitfinex.

Approximately 3 months ago, or in the second half of June, the price of Bitcoin reached levels close to $ 14'000 per one digital coin and formed a local high on the price chart of BTC/USD. Since then the price of BTC/USD has been fluctuating within a descending channel on 1-day time frame (and hence we have a Bullish Flag formation):
TA BTC 22.09.2019.jpg
At the moment the price of Bitcoin is fluctuating near the upper line of the channel.

According to the theory of Technical Analysis (TA), the Bullish Flag is considered to be a trend continuation pattern:
Bullish Flag.jpg

So, the question is: Do you think the price of Bitcoin will be able to break through the upper line of the Descending channel and renew the uptrend?

I am still not sure about it. That's why I will wait for a real breakout on the price chart of BTC/USD.

A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last over 13 years, and as a cryptocurrency analyst for the last 2,5 years.

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency trades, investments and etc.


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Great analysis @cryptospa, to be honest I have no idea where it will go, but the resistance that it encoutered at 14k and slightly below has to be fully cleared out before it can move upwards again.

And that means any investor that has an automatic or semiautomatic sell at those levels will have to be bought up by buyers willing to invest at those levels.

Now the question is, how much money is up for a sell at that level and how many buyers are willing to buy there?

That I have no idea about, but there are of course also other factors, like you have many times pointed out about scalability, but also political factors like the sanctions against Iran, how much these mean in the end is also an unknown at this moment.

Stay awesome!

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@flaxz, thank you very much for this very detailed comment!

To be honest ... for the last almost 2 years (since December 2017) I have been claiming that the biggest obstacle for cryptocurrency prices to rise is the scalability issue (of Bitcoin). I still think that the crypto winter will be quite harsh and long and this problem (the scalability) will be very difficult to solve. So we will have to wait quite long. All other factors have minor impact on the price of Bitcoin.

That's been my point of view.

Thanks @cryptospa, yeah scalability of Bitcoin is a really big issue, and the biggest obstacle in my point of view is that there don't seem to be any real will to fix it, stay awesome.

Interesting TA of Bitcoin's place!

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Thank you!

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Thanks for share information

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You're welcome!

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Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.02% upvote! Together, let’s change the world!

Thank you!

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Thank you!

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You're welcome @cryptospa