BTCUSD Analysis and Forecast (Sep 27, 2018): testing the essential psychological level at $6754

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BTCUSD is being exchanged at $6741 by 13:36 GMT+7 time after having tried to escape above the Fibonacci 23.6 at $6754.1

According to our previous analysis on September 25, bitcoin price retreated to the lower edge of the convergence triangle and rebounded to under the resistance at $6768.

Bitcoin is currently standing in the sensitive area where the descending trendline crossed over the Fibonacci 23.6 ($6754.1). The convergence triangle has iniated since August 2018 and it's time to destroy this barrier.

btc, bitcoin, adx, stofchastic, fibonacci, recovery
BTCUSD price chart D1 Sep 28, 2018

In chart D1, the pair is testing the strong resistance which used to be the strong supports in the past (marked by lime color circles on the chart above). Average Directional Index (or ADX oscillator) which measures the strength of the current downtrend is edging lower below level 20. It indicates that bearish trend is being overwhelmed by the bull.

btc, bitcoin, adx, stofchastic, fibonacci, recovery
BTCUSD price chart H4 Sep 28, 2018

Looking at chart H4, MACD suggested buying signal yesterday when MA12 and MA26 intersected with each other and are separating. Besides, they are separating which consolidates for bullish bitcoin investors.

At a smaller time frame H1, the candlestick marked by red circle below is retreating from $6768 and is supposed to close below this level. If the next several candlesticks manage to close above this threshold, Bitcoin has a higher chance to increase significantly. In a worse scenario, the pair may step backward to $6684 for further recovery.

btc, bitcoin, adx, stofchastic, fibonacci, recovery
BTCUSD price chart H1 Sep 28, 2018

Written by nami.today

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