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Bitcoin(BTC/USD) Daily Chart Analysis For Week of Sep 20, 2024Technical Analysis and Outlook: The current market activity exhibits a robust recovery from our Mean Support level at 57300, surpassing the Mean Resistance of 60500. It is poised to achieve our secondary rebound target: the Completed Interim Coin Rally denoted at 64500. Nonetheless, prevailing market sentiment suggests a potential retracement to the Mean Support level at 61900 before initiating the primary recovery and progressing into the subsequent phase to retest our completed Interim Coin Rally at 64900 and beyond.
BITSTAMP:BTCUSD
by TradeSelecter
More pain before we SoarHere in this chart, I have mapped out the price points to keep an eye on. I like the 53k-55k range and believe it is extremely bullish for us to stay above it but the longer we linger here... the more likely we are to break down. Down would be to 48k support which is not as strong as some may think. I am still keeping an open mind to the possibility of an event where we don't have a normal cycle that rallies into the next year post-cycle but instead a drastic dip back down to reality at 38k - this is also a worst-case scenario and possibly the disbelief phase of the cycle. Or I can always go with my gut and say that we already had a short-lived bull market these past few years.
COINBASE:BTCUSD
by RetiredNovice
Bitcoin September 17th 20241. Price Action (Candlesticks): Current Price: The price is hovering around $60,141.67, as indicated by the highlighted value. Recent Trend: The candlesticks suggest that Bitcoin has been in a sideways trend for the past few weeks. The price seems to be bouncing between support at around $52,500 and resistance at $66,000. Downward Correction: After hitting the recent high around $66,000, a correction seems to have taken place, as indicated by multiple bearish candles. However, Bitcoin hasn't broken down into lower support levels, suggesting a consolidation phase. 2. Moving Averages (MAs): White Line: The white line appears to be a long-term moving average (likely a 200-week moving average), which is far above the current price. This implies that Bitcoin's price is still significantly below its all-time highs and could indicate a potential upward target if a bullish trend resumes. Yellow Line: The yellow line could be a shorter moving average (possibly 50-week), which is closer to the current price and appears to be acting as resistance in recent weeks. Interaction with MAs: The current price is struggling to stay above the shorter MA (yellow), which suggests that Bitcoin may face more selling pressure if it fails to hold support above it. 3. Indicators: MACD/RSI at the Bottom: The red and green indicator at the bottom seems to be either an RSI (Relative Strength Index) or MACD (Moving Average Convergence Divergence). The red shaded area indicates a bearish trend, while the green shows a bullish trend. Since the red is dominant and the indicator is trending downward, this points to a period of bearish momentum. The RSI, if that's what the indicator represents, looks to be below the midpoint (around 50), suggesting that Bitcoin is not in overbought territory, but also not deeply oversold. It signals weak momentum in the recent period. 4. Support and Resistance: Support: There is solid support around the $52,500 level, as seen in previous price action where Bitcoin bounced several times. Resistance: The $66,000 level seems to be a significant resistance, as price has failed to close above it in recent weeks. Breakout/Breakdown Potential: If the price breaks below $52,500, we could see a deeper correction, potentially testing lower support levels (around $40,000 or even lower). Conversely, if it breaks above $66,000 with strong volume, Bitcoin could head toward $74,000 or beyond. 5. Volume: The volume data is not visible in this screenshot, but low volume during this consolidation phase would indicate indecision or a lack of strong buying interest, while increasing volume on upward moves would signal potential breakouts. 6. Longer-Term Outlook: The long-term moving average (white line) remains above the current price, indicating that Bitcoin's overall long-term trend is still upward, even though there's short- to medium-term bearish pressure. If Bitcoin can hold the $60,000 range and break the $66,000 resistance, it could retest the highs and continue its uptrend. However, failing to do so might signal a longer consolidation period or even a deeper correction. Summary: Bitcoin is in a consolidation phase after a recent correction, with key support at $52,500 and resistance at $66,000. Momentum indicators suggest the trend is currently weak and slightly bearish. A breakout above $66,000 could lead to a continuation of the uptrend, while a breakdown below $52,500 would signal further bearish action. This chart presents a critical moment for Bitcoin, where the market is waiting for a decisive move in either direction.
INDEX:BTCUSD
by ILL_Midas
Bitcoin Fails to Break the 60K ThresholdThe dollar's accelerated losses due to Fed expectations had only a limited impact on Bitcoin's rise. U.S. spot Bitcoin ETFs recorded their highest daily inflows in nearly two months. However, as the U.S. elections approach and Kamala Harris performed better than Donald Trump in the latest TV debate, cryptocurrencies, led by Bitcoin, lost value. From a technical perspective, if Bitcoin breaks below the 57,330 level, a further decline toward the 55,800 and then 54,000 support levels could occur. On the upside, if it surpasses the 60,000 resistance level, the 63,000 and then 65,000 resistance levels could be tested.
BITSTAMP:BTCUSD
by primequotes
BTC/USD 4H Short Trade Setup: Anticipating a Momentum ShiftThe trade seems to be based on a potential rejection or weakness in the current price action, with targets likely set to take advantage of a downward movhart setup: Analysis: 1. Entry Point: The trade might have been triggered around the current price level, where the market shows signs of stalling or reversing. 2. Stop-Loss: Placing the stop-loss above the recent highs ensures protection against a false breakout or unexpected upward movement. 3. Take-Profit: The take-profit targets could be set at key support levels or based on Fibonacci retracement levels, considering the recent price action. 4. Risk Management: As always, managing risk properly is crucial, so partial profits can be taken along the way, and stop-loss levels can be adjusted to secure gains if the price moves in your favor. 5. Market Conditions: We may stay in a range before the anticipated move happens. This is going to be a short trade, aimed at catching some momentum for the start of the week. I might close it early depending on how the momentum develops, so it’s important to stay flexible and adapt to the market conditions. This trade anticipates a possible range-bound movement before a momentum-driven shift occurs. Given the nature of the setup, it may be a brief trade aimed at capturing the initial momentum of the week. The position might be closed early, depending on how the momentum unfolds. Stay vigilant and be ready to adjust based on market conditions. Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
BShort
by AR33_
1
LDOUSDT: READY TO GO LONG at SUPPORTHello, Welcome to the quick update of LDOUSDT. From the last few months we can see LDOUSDT in a downtrend and has dumped more than 50%. Currently, it is trading in the range of .9480 to .9981. We can see it breaking the channel and is currently trying to retest. The immediate support levels to watch for are .91 to .94. We can take a small position at around 0.9621 and DCA until .9081 with a STOPLOSS of 0.8711. The targets to watch for are: 1.0444 1.0711 1.1324 1.1767 1.3511 and 1.5573 (This is for the long run) Until then, stay tuned and trade with caution, ensuring strict STOPLOSSES!! This is not financial advice, please do your research before investing, as we are not responsible for any of your losses or profits. Please like, share, and comment on this idea if you liked it. ScramblerG is always there to help and trade with caution but DYOR.
Long
by ScramblerG
2
Waiting for a BTC Break From the Current DowntrendPatience pays in trading. Sure one can come in really anytime and start trading on the low time frames, but how do you know you are trading in the right direction? This is where zooming out to longer time frames can give you a better outlook on what the market is actually doing. If you only focus on short term time frames for scalps, you can easily miss the bigger picture and you may actually be fighting against a bigger trend. This is why I always check daily and the 1-4 hour time frames before I go jumping into the 1-5 minute time frames... Yes, I am back trading the 1 minute candle for scalp trades, haha. Because of this, I am seeing that the current downtrend in Bitcoin could be coming to an end, but I want to be sure before I go and start putting in buy orders. We are seeing a BUY signal from the Logical Trading Indicator PRO, but I want to wait until the price actually breaks above the long period moving average. What may be even better is to wait until the basis line (20 WMA) breaks the long period moving average. That is a clear change in trend. Waiting for the bigger trend to turn bullish is a better move, in my opinion, than just jumping in and stabbing away at long trades. For now, since the downtrend is still in play, I am currently looking for shorting opportunities until that bigger trend changes to the other direction. We may very possibly see the 50K-52K level again as there are order blocks stacked up in that area where there are buy orders ready to soak up some cheap Bitcoin. What do you think? Are you bullish or bearish on Bitcoin? Would love to know your thoughts in the comments!
COINBASE:BTCUSD
by thelogicaldude
What does the future hold for Crypto Mining?I have chosen RIOT as the chart, but I am looking at MARA and also BITF. But as a whole, looking at the WGMI (Valkyrie Bitcoin Miners ETF), BTC mining companies as a whole is taking a hit. Crypto itself is taking a huge hit and of course, this affects Crypto Mining. It did seem that Crypto was going to push higher as the expectations for the BTC ETF release was going to be the first part of pushing BTC to the "moon" and with the BTC halving, money would just start stacking for holders. But that didn't happen. There is a decent amount of geo political turmoil going on. Governments selling BTC. SEC doing what it can to get Crypto labeled as securities in order to bring the coins to its realm of oversight. The Yen carry trade unwinding. The potential of a recession. But there is the other side, where there is good news going on for BTC. The possibility of BTC becoming a reserve asset. The upcoming elections, with a a lot of fingers pointing at former President Donald Trump being very pro Crypto. But even if Kamala Harris (pointed in ALTCOIN daily), says that she is in support of crypto, then that will be a good push for Crypto to move higher. There is also the FED reducing rates towards the end of September; with the recent NFP coming out lower than expected and pushing the chances for a reduction in rates for 50 basis points to 50%. So if the self fulling prophecy for BTC hitting $100k - $150k do come true, then Crypto Miners are going to be cooking. Projects are already underway and the Crypto Market has been very resilent. There are those that thought Crypto was going to collapse during the silk road incident. Then after the cash in 2017 when BTC hit $20k. Then the Terra Luna incident. FTX collapse. Mt. Gox incident. And many others. Yet Crypto is still here. The main issue I think is where all the money is pilling into, and during 2017, crypto was starting to hit the mainstream and a lot of coverage was on it. Institutions finally starting trading BTC and others, as well a lot of retail traders and investors were pilling in. In 2021, people were staying home, receiving check after check of stimulus, wondering were to put it. Then when things started opening up, businesses were offering sign up bonuses. Afterwards, during both these events, once Crypto hit a certain lvl, a ton of people cashed out and instantly became very rich. This money flowed into other products, such as wants and/or other ventures/markets. Now money is flowing into different meme coins, AI, FAANG-M stocks, among other things. If BTC is able to push higher and hit the around $120k, then MARA, holding around 13,677 BTC will be worth around $1.65 billion, RIOT with a holding of around 7,250, will be around $870 million, and BITF, with holdings of around $1,016, would be around $121 million (which RIOT is attempting a takeover of BITF, offering a buyout of BITF, which BITF did not accept. If this does happen, RIOT would become a very strong competitor to MARA, pushing its exahash production from 12.6 to 19.6. MARA has an exahash of 29.9). For the price targets, if things go accordingly, MARA will likely be able to break out of the $20 resistance, avoiding the completion of the inverse cup and handle pattern. If this pattern forms, price will likely keep pushing lower, potentially to around the $8 lvl (at least breaking the $10). For RIOT and BITF, they have the same pattern as MARA, and WGMI price is in a monthly rising channel, so there is a strong possibility that price will drop, but if things go accordingly, then prices on these companies will also avoid the acceptance of the inverse cup and handle pattern. The psychological lvls for these two companies are $10 and $2, which could be hit depending on how things go these next few months. I am in a position on RIOT and a few on BITF, my positions are at a small loss, but I am selling covered calls and cash secured puts to offset the loss, which, when factored in, puts me at a net positive. Additionally, I am participating in the stock lending program, which is further offsetting my losses. I am on the side that price will push higher and I am willing to see it through. Protect your inventory (your capital), and have some great trading out there.
NASDAQ:RIOTLong
by DollarSaenz
14
#BTC/USDT Bounce Incoming! Futures Trade Setup!#Bitcoin : 10/10 So far! Bounce seems highly likely at this level. RSI Bullish divergence in the hourly chart. But of course, no one knows for certain in this kind of market! Invalidation:- Daily close below $54018.18! If you're looking for a swing Trade, $54890 to 56150 is a good range to accumulate long on spot! Futures Setup Here:- There's a higher chance of this setup getting invalidated if we lose 55500 again so be careful to try to keep your entry as low as possible to keep your Stop Loss small. Always use leverage below 5x! Entry:- $56150, (50% entry) $55700, (20% Entry) $54890 (30% Entry) Targets:- $57155 $57855 $58200 $59544 Stop Loss:- $53854 This is a risky trade so always do your research this is not financial advice. Do hit the like button if you want me to post more! Thank you PEACE
Long
by Cryptorphic
2
BTC Higher Timeframe Outlook 70k Next -> Then 32kIn this video, I break down the market from a top-down perspective, analyzing from higher timeframes down to lower timeframes. I carefully frame key Points of Interest (POIs) to help identify potential trading opportunities. Additionally, I share a specific short-term trade idea with detailed entry, exit, and risk management strategies. My first target is set at 70k, followed by 32k, and I explain the reasoning behind these levels. Watch to get a clear understanding of the current market structure and actionable insights for your trading journey.
by SerenityEquity
3
#Bitcoin to US Narrow Money Supply (M1) ratio 1W chart;#Bitcoin to US Narrow Money Supply (M1) ratio 1W chart; I suggest you read it to the end. This type of chart is used to understand how much Bitcoin has gained or lost in value relative to the Narrow Money Supply in the US. In the chart, the total market capitalization of Bitcoin is plotted against the US Narrow Money Supply (M1). M1 includes money in circulation (cash) and demand deposits at banks. This type of ratio can help to understand how valuable Bitcoin is in the macroeconomic environment. In a nutshell; If the chart is rising : Bitcoin is rising. If the chart is falling : The US money supply is increasing. If the US money supply increases and Bitcoin's market capitalization remains the same, then the chart will fall again. It means that Bitcoin is losing value against the US dollar. In short, we need to look more carefully at what is causing the decline. When does the US Narrow Money Supply (M1) appreciate? - Raising interest rates - Economic empowerment - Liquidity reduction The first 2 points above are not hard to guess, but let's elaborate on point 3; The FED may implement monetary tightening policies to reduce the amount of dollars in the market. In this case, the money supply may contract and the value of the dollar may rise. This is called illiquidity. To summarize; An appreciation of the US money supply often puts pressure on risky assets such as Bitcoin and can depress their prices. There are also important historical notes above the chart The white trend line is important . Because every time it comes here, we see that it experiences strong price movements with important news. Therefore, it may be necessary to follow the agenda closely when it comes to this trend line again.
CRYPTOCAP:BTC
by ugurtash
"Powell and Trump's Pump" & New Study Showing BTC Fractal TargetWe had a nice pump in the markets today, stemming from J Powell's comments from Jackson Hole signalling not only one rate cut coming in September, but likely multiple (not priced in). RFK also kinda sorta endorsed trump but still kept the Hail Mary option open for him to still get elected (Don't hold your breath, although I'd love to see that. RFK had a great speech at Bitcion 2024 and is a good man, but doesn't have the votes). Markets reacted positively and some are boldly saying 'The Bull Run is Back'. 🚀 We shall see. Students of Hurst's Market Cycles will also note that this week (tomorrow the 24th preciely) should be the weekly cycle low, so that could also be a contributing factor. In this video, I briefly review the NASDAQ:IBIT chart showing one open unfilled gap lower (this can take awhile and so this is still on the table) as well as the new BTC fractal study I mentioned. (But I forgot to share the DXY chart showing that we're testing the important 101 level, which is looking like it's going to cut right through it like a hot knife through buttah). Most interesting... Check out this fractal overlay I pulled from earlier in the year, showing the possible path of Bitcoin higher, and that almost exacly lines up with current / previous trendline S&R as well as my Fibonacci price target of $150, which you can review in some of my other posts here... Finally seems like we'll have the wind at our back soon. While this was a nice breeze, I'm going to remain cautious and wait for confirmations higher to go 'all in'. For me, that's seeing confirmed closing price action above $74k. See the video for some specific / excact entries. If you'd like me to cover anything in future videos, leave a comment below. Thanks again to the TradingView team for choosing my last video as 'Editors Pick' today! 🚀🚀 Keep up the good work guys!
CRYPTOCAP:TOTAL3Long
by BrettFogle
2