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.

Advertisement
Disqus Comments Loading...
Share

Recent Posts

Bitcoin Has Outperformed Apple & other Tech Stocks Since Last January

In January of last year, the U.S. stock market went through one of the largest bull markets in recent history,…

1 min ago

Blockchain is a ‘Systemic Risk’ for Financial Industry: DTCC Exec.

The Depository Trust & Clearing Corporation or DTCC issues a report every year on the stability of the global financial…

2 hours ago

If You Mine Ethereum, You’re a Target for Crypto Hackers

Hackers have devised a new way to steal your cryptocurrencies. This time, they are running a massive scanning campaign to…

3 hours ago

Bitcoin Tax Confusion Has Accountants Turning to Specialized Software

Every time you convert Bitcoin to anything, be it goods or services, other cryptocurrencies, or even tax payments, it might…

5 hours ago

No, the Price of Bitcoin Didn’t Drop Because of Bomb Threats

On Friday, as the Bitcoin price fell by around six percent against the U.S. dollar, several reports claimed that the…

6 hours ago

Alleged Reporter Says Republicans Won The Market

A person claiming to be the designated reporter for an Augur predictions market which asked the question “Which party will…

8 hours ago

This website uses cookies.