Bitcoin is ‘playing mind games’ as its price coils into a tighter range

CoinTelegraph

The general mood across the cryptocurrency market is one of anticipation on Sept. 17 as the price of Bitcoin has traded in an increasingly tighter range over the past couple of days and looks to be coiling in preparation for a move one way or another. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has oscillated between $47,150 and $48,150 in trading on Friday as the lack of any major developments or headline-grabbing stories has led to a relatively flat day in the markets.

How To Get Free Crypto  

BTC/USDT 1-day chart. Source: TradingView

A recent report from Delphi Digital suggested that last week’s sudden drop in Bitcoin price caught the market off-guard and led to a significant drop in market sentiment from greed to fear, and BTC’s price performance over the past week has been been a response to that as traders cautiously re-engage the markets. 

Fear & Greed index and 7-day moving average. Source: Delphi Digital

Here’s what analysts and traders are saying about the recent price action from BTC and what to keep an eye on as the market heads into the weekend.

Bull flag forms on the 4-hour chart

A positive take on Bitcoin’s price action was provided by the pseudonymous Twitter user ‘Pentoshi’, who posted the following tweet highlighting the formation of a bull flag on the 4-hour chart and a subsequent retest of a major support and resistance level at $46,800.

As mentioned by Pentoshi, there are several upcoming developments that could lead to further bullish momentum in the market, chief of which is the growing list of Bitcoin ETF applications that must be ruled on by the U.S. Securities and Exchange Commission (SEC).

Coinbase Banner  

Pentoshi also suggested that should a breakout occur that manages to recapture the point of balance (PoB) at $49,380, that could be a signal that the market is about to go on a run, making it an important level to keep an eye on.

Bitcoin is “playing mind games” with the market

Further insight into Bitcoin’s price action on lower time-frame charts was provided by crypto Twitter trader ‘Crypto_Ed_NL’, who described the recent moves from Bitcoin as “playing mind games” with the market.

As highlighted in the chart provided, the price of BTC is consolidating below $48,000 now and has yet to provide signs of continuation, indicating caution for traders as a breakout higher is not a guarantee.

That being said, Crypto_Ed_NL doesn’t think that this latest price pullback is “how we start a bigger move down,” hinting at the possibility of a potential move higher in the near future.

FreeBitcoin Banner  

Related: Next stop $85K for Bitcoin as analysts predict ‘explosive’ Q4 for BTC price action

Bitcoin on track to close at a higher weekly low

Analysis of Bitcoin’s price action on the higher weekly time-frame chart was provided by cryptocurrency analyst and pseudonymous Twitter user ‘Rekt Capital’, who indicated that Bitcoin is on track to having a favorable weekly close with a new weekly higher low if can manage to stay above $46,300.

There is a well-defined support and resistance level near $48,930 that was the source of the current struggle to break out higher, and for now, BTC looks as though it will continue to consolidate in its current range.

The overall cryptocurrency market cap now stands at $2.129 trillion and Bitcoin’s dominance rate is 42.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Go to Source
Author: Jordan Finneseth


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.