Bitcoin Daily Logo 01 800x500 - Daily Bitcoin Price Report September 16 — BTC Price Bounces Up From $6400 Squeeze, Institutions Coming But So Are Threats From Mt. Gox Payout

Daily Bitcoin Price Report September 16 — BTC Price Bounces Up From $6400 Squeeze, Institutions Coming But So Are Threats From Mt. Gox Payout

The 1-day range for BTC/USD is $6370.2 – $6516.2 — a sign that BTC has broken through its squeeze zone of $6400; where it had started to consolidate at the beginning of the weekend. The price squeezed UP past $6500, dropping back after a small correction and laying around $6450 now. 

BTC’s bump up had a ripple effect (no pun intended) on the market and sent alts up 5% or so, losing some dominance. Alts may correct further than BTC as the week starts on Monday, but technicals still don’t have BTC strong enough to move prices toward $7000 quite yet.

Below we’ll examine Bitcoin Price news and technical analysis.

Bitcoin Price Headlines

Bitcoin Severely Oversold, Various Technical Factors Suggest

  • “Williams %R, a technical analysis oscillator that demonstrates oversold or overbought conditions of an asset, is demonstrating highly oversold conditions for Bitcoin.”

Flood of payouts ‘could crash Bitcoin market’

  • “Bitcoin investors could face a fresh round of intense selling pressure as a collapsed Japanese cryptocurrency exchange is forced to pay out coins worth $1bn (£765m), experts warn.”

Institutions Showing They’re Ready To Commit to Bitcoin

  • “Although the collective value of all crypto markets is only a tad above its year-to-date low, institutions still seem poised to tackle digital assets head on, with an array of Wall Street giants making meaningful moves throughout the past week.”

BTC/USD Trading Technicals

The technicals for Bitcoin look like the beginning of August all over again—with nearly every signal at the SELL stage. This includes short and long-term oscillators and moving averages—all of which point to an oversold and overvalued asset. Based on these, the technical signal is overwhelmingly on the SELL side.

Screen Shot 2018 09 16 at 8.53.46 PM - Daily Bitcoin Price Report September 16 — BTC Price Bounces Up From $6400 Squeeze, Institutions Coming But So Are Threats From Mt. Gox Payout

BTC/USD Trading Charts

Our first chart shows BTC hitting a ceiling at $6580 and bouncing off a support just under $6400. In the chart’s authors words: “Jumping off charts from two days ago. We were looking to see how the bulls rebounded from the top at $6580 to the drop down to $6378. I stated if the bulls formed a lower high compared to $6580, I’d then be watching for a lower low compared to $6378. This is exactly what happened. Bulls tried to break $6580 and fell $15 short with a lower high being set at $6565.”


BTC Update! Continues to play out as expected by My2Sats on TradingView.com


This second chart seems the same resistance level near $6615 or so; however, this author sees further support levels that can keep propping BTC’s price up; showing a LONG play for BTC.

Bitcoin – The BIG Short Trap? Not So Fast by goldbug1 on TradingView.com


Bitcoin will need some positive news—which it’s getting a minor dose of with some mainstream publicitiy—to see a recovery. At this point, though, it is withstanding the crash of altcoins, particularly Ethereum and remaining a port in the storm that is the bear market. Still, how long can BTC handle the selling and shorting pressures? Analysis has the coin going down to the $6250 or $5900 area, which may happen before it can see any bounce back to $7000.

 

Eric is a cryptocurrency writer and editor. He has written on emerging technologies for over seven years and has accrued over 2 million page views. He also runs the paid Coin Agora community. He is currently working on his first novel, which involves a cryptocurrency start-up.

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