BTCUSD Analysis and Forecast (Tue, Sept 25th, 2018): the great escape of the bull?

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Bitcoin has tendency to retest the lower edge of the convergence triangle and escape the bearish trap

Cryptocurrency market is witnessing a red wave spreading all over the world. Today, BTCUSD has fallen 2.96% compared to the previous day’s closing price, to be traded at $6485.72 by 13:32 GMT+7.

Although BTCUSD keeps losing its point, the pair still dominates the crypto market by more than 53% market cap, indicating a bad omen for Altcoins. Usually, this is a signal that investors are leaving altcoins to find a safe heaven with bitcoin or even fiats.

bitcoin, btc, BTCUSD, ADX, Stochastic, convergence triangle

In chart H1, Bitcoin has inclined to get closer to the lower edge of the convergence triangle. The average directional index (ADX), which measures trend strength, fell below 20. It indicates that the bearish power is gradually deteriorating, which gives signal for a reverse.

bitcoin, btc, BTCUSD, ADX, Stochastic, convergence triangle
BTCUSD chart D1 23092018

In chart H4, BTCUSD is predicted to touch the support level at $6300 before escaping the bear trap. Stochastic also hit the oversold level, which is below 20. If Bitcoin succeeds in climbing to the higher edge of the triangle at $6768, there’s a high chance that the pair may get to the next resistance level of $7400.

bitcoin, btc, BTCUSD, ADX, Stochastic, convergence triangle
BTCUSD chart H4 23092018

Written by nami.today

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