- Bitcoin price drop by 1.3 percent at press time
- The steady bullish market is expected to press on to $11,000 resistant level
- September 3rd sudden bearish movement now on a bullish ascending trendline
- BTC market between 12:00 – 13:00 shows a 23 percent retracement level
- Steady ascending trendline continues, despite sudden bearish movements.
Bitcoin (BTC) opened the markets at $10,785, which marks the low of the day. This was followed by a rise in the market price, with the crypto gaining 1.3 percent in value at the time of writing.
BTC daily chart analysis
Bitcoin has been in a strong bullish momentum for over a month, a momentum that began on the 21st of July. On the daily chart, prices have maintained an ascending trendline that began in March. This trendline continues despite the sudden drop from $12,000 on the 3rd of September, almost two weeks ago.
BTC price is expected to continue rising towards the $11,000 resistance level, but bullish movement is speculated to slow upon reaching it. If prices continue along the ascending trendline, we might see BTC reach the $11,000 mark in the coming months.
Technical indicators on the daily charts also show steady bullish movement, with Bollinger Bands (BBs) hinting at some volatility in price variations. In general, the prices have been much closer to the higher $12,003 BBs value since April, but after the downside of early September’s, Bitcoin price is now stabilising on the midway BBs basis point of $10,789.
The MACD indicator shows BTC price entering September in a bearish move following the bullish movements recurring steadily since April. It also indicates a steadily increasing bullish pattern, despite signs of recent bearish movement.
Intraday BTC trading on the 1-hour chart
The one hour chart shows that since the market opened in the last hour, the market was following a gradual bullish move, until a steep drop at 13:00. Currently, Bitcoin is trading at $10,921 after having risen from $10,785 earlier today.
Using Fibonacci retracement, this one hour chart indicates that prices are currently at a retracement level of around 23 percent since 12:00 GMT. As the prices for the intraday progress, it is tough to determine whether Bitcoin will continue it’s bullish movements as the retracement level lingers in resistance. The crypto continues to portray a steady bullish market movement throughout the day will some evidence that the $11,000 mark might be reached by the end of the day.
Observing the Bollinger Bands, it is seen that, despite bearish movements displayed in the past hour, Bitcoin still holds close to the higher Bollinger Band. This alongside the ascending trendline seen in the BTC daily graph may perhaps be an indication of continual growth for the rest of the day.
The MACD indicator shows heavy bullish activity over the last hour displayed, indicating increasingly strong bullish movement for BTC. This may further suggest that the results of the one hour chart are indicative of the hours ahead as BTC closes the gap between this mornings opening price of $10,785 and the expected $11,000.
Cautious trading is advised as always and all levels mentioned should not be relied upon exclusively.
Disclaimer. All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Cryptopolitan strongly recommends that you perform your own independent research and/or speak with a qualified professional before making any investment decision.