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Daily TA: Bitcoin (BTC/USD) | 21-09-2021

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cryptospa
@cryptospa
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Hodl, dear members of LeoFinance!

Today I would like to comment on the price chart of Bitcoin because the correction continues and the price of the flagman is declining.

In the daily chart (1D), BTC/USD has dropped below the 30-day Moving Average (MA 30) because of the recent pullback: However, as can be seen from the chart, BTC/USD is now at the 90-day Moving Average (MA 90) and is testing the upper bound of the consolidation range. Theoretically, the price of Bitcoin may receive enough support, from MA 90 and the upper bound of the consolidation range, in order to rebound.

In this case, it would be worth keeping an eye on the 4-hour chart (4H), where BTC/USD is drawing a Bullish Flag (common trend continuation pattern): As can be seen from the chart, the flag contains a Descending Wedge. Right now, the price is testing the lower line of the wedge. If the price bounces off this line, breaks through the upper line of the wedge, and exits the wedge in the upward direction, then I will open a small speculative long position.

However, there is no guarantee that we will see exactly this scenario. There is one bearish scenario I consider as well. I will not exclude a further correction which will later draw a Symmetrical Triangle in the daily chart (1D): In this case, I expect Bitcoin to resume the uptrend at a later stage.

To be continued ...

As of the time of writing, one BTC costs $42,139.03 on the Bitstamp crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.

Important!

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

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