Bitcoin Price Technical Analysis (September 3): Eyeing $11,000

Analysis
Bitcoin Bull going up

Bitcoin(BTC)trade is currently is trading at $10,423. Looking at the chart we see that the price has recently broken the resistance of $10,323. Long position can be taken, keeping $10,323 as support with a target price at $10,700. Swing trading can be done between the channels formed by the resistance and support.

Bitcoin Graph September 3

Dow Theory

According to Dow Theory, the Bitcoin price is in the excess phase, which is an extension to the public participation phase. Correction can usually be seen after the excess phase and then again, the price starts going up until it reaches the distribution phase. The trend is bullish in the participation phase.

Bitcoin Dow Theory September 3

Bollinger Bands

The largest cryptocurrency’s price is moving between the channels, with the middle average line acting as support. The band is expanding, indicating increased volatility of the digital curerncy. The momentum is positive which indicates that the price will move upwards as long as it stays above the support level.

Bitcoin Bollinger Bands September 3

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover can be seen. The Bitcoin price is also moving above the moving averages, indicating an upward movement.

Bitcoin Moving Average September 3

Conclusion

Bitcoin(BTC)trade is currently is trading at $10,423. The support level is at $10,323 and the resistance level at $10,700. The current trend is bullish and long positions can be taken as long as the cryptocurrency’s price stays above the $10,350 level.

If the price will close a day below the support level, it can drag the price back to the $9,900 level. A closing above $10,700 can take the price to the $11,000 level. Swing trading can be done using the $10,350 mark as support with a target price at around $10,670.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 7811.2 8585.8 9104.8 9879.4 10398.4 11173.0 11692.0
Fibonacci 8585.8 9079.9 9385.2 9879.4 10373.6 10678.9 11173.0
Camarilla 9268.2 9386.7 9505.3 9879.4 9742.5 9861.1 9979.6
Woodie’s 7683.6 8522.0 8977.2 9815.6 10270.8 11109.2 11564.4

Technical Indicators

Name Value Action
RSI(14) 60.266 Buy
STOCH(9,6) 34.983 Sell
STOCHRSI(14) 14.174 Oversold
MACD(12,26) 1139.700 Buy
ADX(14) 46.367 Sell
Williams %R -53.213 Neutral
CCI(14) -3.2924 Neutral
ATR(14) 1868.7826 High Volatility
Highs/Lows(14) 0.0000 Neutral
Ultimate Oscillator 48.950 Sell
ROC 21.797 Buy
Bull/Bear Power(13) 417.2075 Buy
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