BTC price opened today at $10728, which was the high of the day as bearish movement whittled the price down to $10559 at 09:30AM GMT. At the time of writing the price is currently $10633 which is a one percent drop from the opening price. So far, the price follows a bearish path with signs of bullish momentum.
Bitcoin price movement in the last 24 hours
Since the bullish push that saw BTC price reach $10,728 last night, the day has seen a 33 degree descending trendline. Finding a support level at 11:00AM GMT, bullish movement was re-established at $10,588 and shows a steady ascending trendline so far. into the next hour ahead.
This descending trendline from the opening price today currently depicts a $95 fall. In the graph above, the pattern features bullish movement followed by steep bearish activity. If this continues, we should expect to see this current bullish momentum begin to tumble once again in the next 30-60 minutes time. This will be reviewed in the next graph.
BTC/USD 1-hour chart
The hour covered in the chart above depicts the time frame between 11:50AM GMT – 12:50AM GMT.
As in the previous 24-hour chart, the support level can be seen supporting from $10,588. From this point it is clear that bullish momentum took the reins until 12:10AM GMT – reaching $10,686 before descending once again. A descending trendline emerged, taking BTC price down to $10,605 by 12:40AM GMT.
The Fib Retracement indicator shows over 20 percent retracement, which depicts only a minor return to the price range reached at 11:50AM GMT earlier today. As a steady ABC pattern appears on the chart above, we can see that bullish movement continues beyond the 12:50AM GMT mark. This chart shows a current price of $10,640 heading towards 13:30PM GMT and reaching beyond 100 percent of the retracement level.
BTC/USD September chart
The September chart shows support at two levels, steadily rising on 16 and 30 degree ascending timelines. Reaching a BTC price of $10,620 at 13:33PM GMT, there seems to be a steady bullish trend emerging as we head towards October.
The MACD 4C indicator follows September into bearish momentum which eases by the 20th September and remains up to today’s price analysis. Using this indicator, we can see that bullish momentums are having little to no effect of breaking through the bearish activity portrayed throughout the month.
Bitcoin price prediction: where is BTC price heading?
Using the year chart above, we can see that since the March 2020 plummet, BTC price has been steadily on the rise. Predictions indicate that prices may find support levels towards the $12,000 mark before the year is out. With ascending trendlines of both 34 and 39 degrees shown, it can be easily assumed that the 24 degree ascending trendline into October should come to fruition.
Using the MACD 4C indicator, March 2020 created a steep bearish wave, but also that strong recurrent bullish waves have since followed. This pattern emerging could suggest that Bitcoin value will only continue to rise in spite of any bearish notions shown in the September chart. Only time will tell, but the charts help us depict the most likely future.
