Bitcoin (BTC) Price Analysis for 9/12

Price Predictions
Sat, 09/12/2020 - 14:52
Denys Serhiichuk
Is the correction of Bitcoin (BTC) coming to an end?
Bitcoin (BTC) Price Analysis for 9/12
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The first day of the weekend has turned out to be bullish for the cryptocurrency market. All Top 10 coins are in the green zone against the top leaderBinance Coin (BNB).

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The dominance rate of Bitcoin (BTC) keeps declining, and the current index is 54.8%.

BTC’s market share
BTC’s market share

The key Bitcoin data today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $191,088,026,818

  • Price: $10,336.37

  • Volume (24h): $87,274,062,299

  • Change (24h): 0.37%

The data is relevant at press time.

BTC/USD: Has the correction finished yet?

The past week was neither bullish nor bearish for Bitcoin (BTC). The rate of the leading crypto is almost unchanged over the last seven days.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is trading sideways. However, the price blast is likely to occur upwards as the Relative Strength Index indicator has formed a bullish divergence. It is too early to consider the continuation of the bull run, as buyers are not so powerful based on the low trading volume. To conclude, a short-term rise is possible to the crucial $10,500 mark.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the longer time frame, the situation is the opposite. Bulls have not gained enough liquidity to keep growing. That is why there is a great likelihood of seeing a drop to the area of $9,800-$9,900 shortly.

Related Bitcoin (BTC) Price Analysis for September 10
Related
Bitcoin (BTC) Price Analysis for September 10

From those levels, one may expect a false breakout. Such a scenario is relevant for the upcoming week.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, traders may consider one more decline wave to $9,100. There is a high concentration there, which means that it is the last drop before new, continued growth to $12,000 and above. The following decline may happen in October 2020, followed by new peaks in November.

Bitcoin is trading at $10,293 at press time.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.