Analisdollarser highlights the formation of a bull flag on the Bitcoin chart and they suggest that the price may continue to consolidate until a major catalyst moves the market. Bitcoin price is also supporting the bulls as it spends the weekend above $48,000. We now take a look at the technical levels of 3 Twitter analysts. Let’s start with the September 17 levels of BTC…
How did the bitcoin price start the weekend?
The general mood of the cryptocurrency market on September 17 appears to be curving to prepare for a move one way or another, as the price of Bitcoin (BTC) has been trading in an increasingly narrow range over the past few days. TragView data shows that Bitcoin (BTC) price fluctuated between $47,150 and $48,150 in trading on Friday, as the lack of any major developments or headline stories led to a relatively flat day in the markets. On the other hand, a recent report by Delphi Digital suggested that the sudden drop in Bitcoin price last week left the market vulnerable, leading to a significant drop in the market to fear of greeting. And BTC’s price performance over the past week has been a response in the sense that traders cautiously re-engage the markets.
Continuing with what Analisdollarser and traders have to say about the recent price action in BTC and what to watch out for as we move forward over the weekend…
Bitcoin price forms a bull flag on 4 saadollarsik chart
The Twitter analyst, nicknamed Pentoshi, took a positive look at Bitcoin’s price action, posting the following tweet highlighting the formation of a bull flag on the 4-saadollarsic chart, followed by a retest of a major support and resistance level at $46,800:
BTC tells me this is not a perfect bull flag for a perfect S/R test. Breakout could retake PoB = moon soon Note alternative supply and upcoming ETF season could be key drivers + clarifications 4 saadollarsic chart below
As noted by Pentoshi, there are several developments in the market that could lead to further bullish momentum, notably the growing list of Bitcoin ETF applications that need to be managed by the US Securities and Exchange Commission (SEC). Pentoshi also suggested that if there is a breakout that manages to recapture the equilibrium point (PoB) at $49,380, it could be a sign that the market is about to flee, making it an important level to consider.
Bitcoin “plays mind games” with the market
More information on Bitcoin’s price action on lower timeframe charts was provided by crypto Twitter trader “Crypto_Ed_NL”, who described the recent moves in Bitcoin as “playing mind games” with the market. As highlighted in the chart provided, BTC price is currently consolidating below $48,000 and is yet to show any continuation, suggesting caution for traders as a break higher is not guaranteed. However, Crypto_Ed_NL doesn’t think this latest price pullback is “how to start a bigger drop” and hints at the possibility of a potential bullish breakout in the near future:
Bitcoin price update 5: BTC plays mind games on lower timeframes. Consolidation is happening now. Going down doesn’t look very impressive, can’t keep up yet. Despite the retracement from the red box, I don’t think how we started a larger downward move. First, the above liquidity.
Bitcoin price on track to close weekly lower
Analysis of Bitcoin’s price action on the higher weekly timeline chart was provided by cryptocurrency analyst and alias Twitter user “Rekt Capital”. The analyst stated that Bitcoin is on its way to a successful weekly close above $46,300 and a new weekly HL if it succeeds.
There is a well-defined support and resistance level around $48,930, the source of the current bullish struggle, and for now, it looks like BTC will continue to consolidate in its current range. At the time of writing, the overall cryptocurrency market cap was $2.129 trillion, with Bitcoin dominating 42%. It was in the 1st rate.