Bitcoin to USD ( BTCUSD ) Weekly Outlook , September 26 2019
BTCUSD Forecast and Technical Analysis & Fundamentals for Bitcoin
Introduction
The Bakkt Bitcoin BTC futures is successfully launched, which can be thought of as a Binomo crypto broker that allows for physically settled BTC futures on 23 September. This is a major event in the crypto industry that will bring huge volatility into the markets.
Come along as we unveil the key technical levels, chart patterns and interesting news in the space.
BTCUSD: Technical Analysis
BTCUSD: Weekly Chart
Resistance: $13880.00, $10955.48, $10380.07
Support: $9049.54, $9320.00
To get an idea of the likely direction of the Bitcoin price, we have to consider the recent price patterns, and it’s obvious that the bearish resistance levels at $10955.48, and $10380.07 are the main drivers of the number one cryptocurrency.
BTCUSD: Daily Chart
Resistance: $10949.00, $10542.93, $10441.47
Support: $9600.00, $9443.19, $9320.00
A decline in the total crypto market cap is shown as bearish resistance levels on the daily time frame. At publication time, the Pin-bar price pattern on September 19 is revealed as a hanging-man pattern as the sell pressure increases. The number one crypto on major Bitcoin broker sites bounce off the $8000.00 round-number resistance, as the price enters into the oversold area.
BTCUSD: 4Hour Chart
Resistance: $10949.00, $10594.88, $10390.09, $10441.47, $10380.07, $10077.38, $10058.24
Support: $9600.00
Notice the increase in bearish pressure on the 4hour time frame, starting from a collapse of bullish support on 06 September ’19 16:00, all the way to a collection of selling pressure on 21 September ’19 20:00. So far, the Bitcoin price has plunged by roughly 22.6% from the 06 September collapse of support.
The sell pressure was so great that the exit of the oversold area on 24 September ’19 04:00 could not hold back the bears, as they drove the price lower in high volatility.
BTCUSD: 1Hour Chart
Resistance: $10380.07, $10180.43, $10034.51, $10073.26, $9746.14
Support: $9600.00
The intraday 1hour chart reveals a buildup of the price decline that went south from the break of support on 19 September 22:00. Crucial bearish signals on 21, 22, and 23 September were significant for setting the lower highs that brought the price to the $8K region.
We notice an increase in sell pressure at press time with no clear signs of recovery to the up side.
Bitcoin Fundamentals
Altcoins Swings into Red as Price of Bitcoin suffers a similar fates.
The price of Bitcoin (BTC) as at Tuesday, September 24 plummets and strikes the $8K round-number support.
Despite the sideways trade trend, co-founder of Fundstrat Global Advisors Tom Lee anticipates the direction to shift with the launch of Bakkt. Lee believes in the ability of the launch to enhance trust with institutions to digital currency.
However, while most of the leading altcoins are witnessing a red candlestick day, EOS in the last 24 hours, is up 1.34% while IOTA is displaying a good profit of more than 6.5% on the day. Ethereum Classic (ETC) and Cardano (ADA) and are also both on the rise by 0.11% and 2.44% respectively.
Conclusion and Projection
As the longer time frames show an increase in selling pressure and the bitcoin dominance exits the overbought area, an increase in Bitcoin price is not in sight.
We should expect high volatility in the BTC price as we move further into the week.
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