Categories: Bitcoin

Bitcoin Price Intraday Analysis: BTC/USD Bottom in Sight

The Bitcoin drop has brought us near September 8 lows, which held the downtrend from extending. Therefore, we are expecting BTC/USD to find a reliable support near 6154-fiat while 6395-fiat is capping the correction as resistance. We are not hoping to enter a long position on lower lows formation but instead will wait for a confirmation of pennant formation to understand our long/short intraday positions.

Nevertheless, a close below 6141-fiat will have us enter a short towards 6000-fiat, our primary downside target while maintaining a stop loss just 4-pips above the entry point. An extended breakdown action could put price inside a free fall towards 5788-fiat on panic. But, it would also mark an ideal time for bulls to recapture attention and initiate a wild upside swing towards the descending trendline formation on daily charts.

Featured Image from Shutterstock. Charts from TradingView.

Follow us on Telegram or subscribe to our newsletter here.
• Join CLC’s crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from CryptoLiveClub? Click here.
• Open Positions at CLC: Full Time and Part Time Journalists Wanted.

Disqus Comments Loading...

Recent Posts

NSW Registry Manager to Test Land Conveyancing on a Blockchain in Australia

The land registry manager of New South Wales in Australia has partnered with a blockchain technology firm with a view…

1 min ago

Crypto Exchange Giant Coinbase Opens Office in Ireland

Cryptocurrency exchange Coinbase has opened a new office in Dublin to mark its latest expansion into Ireland as a marked…

45 mins ago

Binance Uganda to Begin Accepting Deposits in Ugandan Shilling, BTC & ETH

Months after announcing the launch of Uganda’s first-ever fiat-crypto exchange, Binance has made another step towards facilitating cryptocurrency trading in…

3 hours ago

Crypto Market Stabilizes as Tether Recovers, Real Bitcoin Price at $6,450

The crypto market has stabilized after a wild 24-hour period triggered by the sudden increase in the price of Bitcoin.…

6 hours ago

DocuSign Will Add Ethereum Blockchain Integration to Verify Signatures

San Francisco based DocuSign has announced the integration of the Ethereum blockchain into its electronic signature and transaction management service.…

9 hours ago

Soaring Inflation Sends Bitcoin Trading Volume to New High in Venezuela

The amount of Venezuelan bolivars being spent to purchase bitcoin has risen to record levels as the South American country…

10 hours ago

This website uses cookies.