BTC Is Trading at Above $10300, Bitcoin Price Is Up but Not Yet Restored after Falling

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by Dmitriy Gurkovskiy · 3 min read
BTC Is Trading at Above $10300, Bitcoin Price Is Up but Not Yet Restored after Falling
Photo: QuoteInspector

On Thursday, September 10th, the BTC rate is slightly growing, trading at $10378 USD after a recent drop.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • BTC is trading higher today: BTC/USD Tech analysis.
  • In Kraken, they expect the Bitcoin rate to fall in September.
  • The BTC hashrate renewed the high again.

On W1, Bitcoin  (BTC) keeps trading with an uptrend. The quotations are currently testing 61.8% Fibo, a bounce off which will signal further growth. The aim of this movement will be at 100.0%. The MACD histogram is positive, which is most likely a signal of further growth. The signal lines of the indicator keep intertwining after they formed a Black Cross,. Which means the growth may soon resume. The Stochastic keeps growing to the overbought area, which increases the possibility of further growth after the correction.

Photo: RoboForex / TradingView

On D1, the technical picture of BTC/USD is almost identical to that on W1: the pair is finishing the correction. The aim of further growth after a bounce off the support line will be $12700 USD. The MACD histogram is declining, staying negative, increasing the chances for further correction. The signal lines of the indicator formed a Black Cross, becoming additional support of the correction. In the end, the weekly and daily charts give the opposite information. The deepening of the correction before further growth looks more probable.

Photo: RoboForex / TradingView

On H4, the perspectives of the pair look brighter than on the larger timeframes. The Stochastic formed a Golden Cross in the oversold area, giving another signal of growth.

Photo: RoboForex / TradingView 

In the Kraken crypto exchange, this September, the price of the leading cryptocurrency may go down. The monthly report shows that judging by the history, the average profitability of the BTC in September is negative, amounting to some -7%. As long as the year 2020 is far from typical, in Kraken, they admit that this time the cryptocurrency may lose even more. On the whole, though, this summer was rather successful for the BTC.

After the pandemics, platforms are getting back their volatility, which is good. This includes the attempts of capital markets to renew the highs and continue rallies, the decline of the BTC share in the market to the lows of the last years, the impressive amount of cryptocurrencies accumulated in the users’ wallets that has been without transactions this whole year, etc.

History shows that if a large volume of coins stays in wallets untouched for a year, this may cause a rally in the cryptocurrency.

The BTC hashrate (the processing power of the network) renewed all-time highs during the first week of September, amounting to 151,75 EH/s. This happens while the cryptocurrency is declining, which is unusual.

For this article, we’ve used the graphs provided by TradingView.

Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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Kseniia Klichova
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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