Bitcoin (BTCUSD) Analysis and Forecast (Fri, Sept 14th, 2018): Pay attention to $6400 threshold

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A nice upward movement performed, any further?

Since our last Bitcoin analysis on Monday, a strong rally in its price has occurred, recording an intraweek increase of $400. On D1 time frame, the Stochastic indicator shows that the top cryptocurrency has been staying in the oversold region for the last 7 days. The %K line (the blue line) crossed the %D line (the red one) in the bottom up direction and has already got out of the oversold threshold. This indicates that the downward pressure of the bears is losing its steam, the bulls are stepping in and taking control of the market.

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Bitcoin (BTCUSD) D1 chart on September 14th, 2018

Whereas, on H4 time frame, this indicator keeps showing that Bitcoin has been struggling in the overbought zone for a while. The %K line remains heading up, pointing that the buying pressure is still on hand.

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Bitcoin (BTCUSD) H4 chart on September 14th, 2018

After an upside breakout through the symmetrical triangle two days ago, Bitcoin gathered its momentum to rise in order to cross over the 23.6% Fibonacci retracement level. Currently, the leading cryptocurrency is traded at $6553 and is supposed to slide down slightly to the area of $6400 before an upward bounce to the new high of $6700. However, we suggest keeping an eye at the important level of $6400.

Written by nami.today

 

 

 

 

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