Bitcoin (BTC) Price Analysis for Sept. 16

Price Predictions
Wed, 09/16/2020 - 14:05
Denys Serhiichuk
Can one expect another decline before Bitcoin (BTC) comes back to $12,000?
Bitcoin (BTC) Price Analysis for Sept. 16
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 bullish mood has turned bearish as almost all of the Top 10 coins are red. Bitcoin (BTC) is trying to remain in the green zone, rising by 0.05% over the last day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The decline of most of the altcoins has positively affected the market share of Bitcoin (BTC), which has increased by 1% and now accounts for 55.1%.

BTC’s market share
BTC's market share

The relevant Bitcoin data for today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $201,927,701,737

  • Price: $10,920.28

  • Volume (24h): $34,371,398,129

  • Change (24h): 0.16%

The data is relevant at press time.

BTC/USD: Can traders expect a false breakout of the $11,000 mark?

Yesterday, buyers managed to pierce the daily EMA55 and set a weekly high around $10,940. However, sellers paused the recovery in the Bitcoin (BTC) price and did not allow the pair to gain a foothold above the level of $10,800.

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

Today, the rollback from the daily moving average EMA55 is not over yet. During the day, the pair may decline to the support of $10,500. If this level stops sellers, the attempt to break through the daily average price level will be repeated and the maximum is expected in the resistance area of $11,200.

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

On the hourly chart, Bitcoin (BTC) keeps trading within the rising channel formed a few days ago. The trading volume remains high, however, liquidity is decreasing, which means that a reversal will start soon.

Related Bitcoin (BTC) Price Analysis for Sept. 14
Related
Bitcoin (BTC) Price Analysis for Sept. 14

The endpoint of the growth might be the "mirror" level at $11,150, where bears may seize the initiative.

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

However, on the 4H time frame, the picture is bearish. The rise of Bitcoin (BTC) from $10,500 has not been supported by a rising trading volume, which means bulls are unlikely to update local peaks. Applying the Bollinger Bands indicator on the chart, a decline from around $11,000 may end at $10,500, where most of the liquidity is focused. Such price action is relevant through the end of the week.

Bitcoin is trading at $10,942 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.