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    Home » Crypto News » Bitcoin Price Analysis Sep.22: $7000 soon?

    Bitcoin Price Analysis Sep.22: $7000 soon?

    Author: Yuval Gov

    Last Updated Sep 22, 2018 @ 11:11

    After the unusual behavior Bitcoin has gone through (going down to $6100 and then skyrocketing to $6550 in 1.5 hours), we have now seen a crypto rally over the past day. The rally was led by Ripple, surging almost 100% surpassing Ethereum, on its way to becoming the second largest crypto in terms of market cap.

    Back to Bitcoin: A crypto rally is not possible without Bitcoin joining the party: BTC broke the $6400 mark after a couple of hours inside the range between the two major 50 (yellow line) and 200 (purple line) day moving averages, it was enough to break the $6600 resistance level, as well as the 200 day, moving average. The current rally reached the $6800 resistance level and from there, a few hours later carried a correction back to re-test the 200 day MA level.

    Now what?

    • Bitcoin looks good, as long as it keeps above the $6600 mark (MA-200 day).
    • The next resistance levels lie at $ 6800, $7000 – $7100 (long-term descending trend-line) and then $7200 – $7300.
    • To declare an end to the long bear market, Bitcoin will need to create a higher low and break past $7300 (the last major high on the weekly chart).
    • From the bear side, $6400 and $6600 are now resistance-turned support levels. $6470 is also a possible support level, which is the 50-day moving average.
    • Looking at the 4-hour chart, the Stochastic RSI indicator is still very high and crossing down. The market is in its overbought zone.
    • Trading volume, for the first time in a while, carries a decent amount of green candles. The OBV also indicates that money is going into the markets.

    Bitcoin Prices: BTC/USD BitFinex 4 Hours chart

     BTC_Sep22
    Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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    About The Author

    Yuval Gov
    More posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

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