Traders Counting on BTC Sky-Rocketing by End of Year, Today Bitcoin Price Is Below $11,000

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by Dmitriy Gurkovskiy · 3 min read
Traders Counting on BTC Sky-Rocketing by End of Year, Today Bitcoin Price Is Below $11,000
Photo: Shutterstock

Today, on September 17th, the BTC rate pushed off an important resistance level – $11,000. Currently, it rests at $10,842.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Tech analysis of BTC/USD: Bitcoin price is down today.
  • Traders promise that the BTC renews the highs until the end of the year.
  • The uncertainty pushed traders to buy the BTC.

On W, the Bitcoin is finishing the correction of ascending dynamics. The quotations are forming a bounce off 61.8% Fibo, which will signal further growth. The aim here is at 100.0% Fibo. The MACD histogram is positive, which is, again, most probably a signal of further growth. The signal lines of the indicator keep intertwining after they formed a Black Cross, which, in turn, signals soon continuation of the growth. The Stochastic keeps growing slightly to the overbought area, which, again, makes further growth of the coin more probable.

Photo: RoboForex / TradingView

On D1, the tech picture of the coin looks almost the same as on W: the pair stopped correcting and goes on growing. The aim of further growth from the support line is $12,700USD. The MACD histogram is growing but remains in the negative sector. The signal lines of the indicator formed a Black Cross, signaling another insignificant correction. The W and D1 give controversial signals; meanwhile, the continuation of the trading situation that presumes a short correction before growth looks more probable.

Photo: RoboForex / TradingView

On H4, a correction of BTC/USD looks more probable than on the larger timeframes. The Stochastic is forming a Black Cross in the overbought area, providing another signal of correctional movements.

Photo: RoboForex / TradingView 

On September 14th, the employees of an analytical company Skew.com published a tweet pointing at a large number of call-options for December 2020. Note that their number is larger than in December 201 when the rate of the leading cryptocurrency tested its high of $19,600USD.

It turns out that many traders expect the price of the BTC to have reached $28,000USD, $32,000USD, or $36,000USD by the end of the year. The largest number of contracts (which is 752) is at the level of $36,000 USD. We see that investors are in quite a bullish mood but there is also a fundamental part in all this. As a rule, the Bitcoin rate grows actively not right after a halving but some six months after it, so we should take account of the current positive moods of the crypto world concerning the aggressive growth of the BTC.

Moreover, the rate of the asset may be somewhat influenced by the upcoming presidential election in the USA along with the general economic instability in the world. All these factors, including the price, may push traders to buy Bitcoin today, which is confirmed by numerous buys near $10,000USD (on absolutely different platforms, by the way). Moreover: the expectations of the Fed’s decision about the interest rate made the rate of the cryptocurrency test $11,000USD. This makes us sure that currently, the pressure from the BTC/USD buyers will be just growing.

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

Disclaimer: Any predictions contained herein are based on the author's 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.

Bitcoin News, Cryptocurrency news, Guest Posts, News
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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