Bitcoin is playing “mind games” as its price slips into a narrower range
The general sentiment in the crypto market is one of the predictions on September 17th as the Bitcoin price has been trading in an increasingly narrowing range for the past few days and appears to be falling in preparation for a new course.
Data from Cointelegraph Markets Pro and TradingView show that the price of Bitcoin (BTC) fluctuated between $ 47,150 and $ 48,150 in Friday trading as there were no major developments or headlines, resulting in a relatively stable day in the market.
A recent report from Delphi Digital shows that last week’s sudden drop in Bitcoin price surprised the market, causing a sharp drop in market sentiment from greed to fear and the price movement of BTC cautiously back in the past week enter the market.
Here’s what analysts and traders are saying about BTC’s recent price action and what to look out for as the market heads into the weekend.
Bull flag is forming on the 4-hour chart
A Twitter user nicknamed “Pentoshi” was positive about Bitcoin’s price performance, posting the following tweet highlighting and testing the formation of a bullish flag on the 4-hour chart. Major support and resistance at $ 46,800 later.
$ BTC Tell me it’s not a perfect bullish flag to be a perfect on-demand S / R test
Outbreak could soon regain PoB = moon
Considering alternative offering and the upcoming ETF season could be the main drivers + disclosure
4 hour chart below pic.twitter.com/1Em8mMXhOj
– Pent shi don’t want you DM (@ Pentosh1) 17.09.2021
As noted by Pentoshi, there are a number of developments ahead that could add further upward momentum in the market, the most important of which is the growing list of Bitcoin ETF applications that need to be approved by the Securities and Exchange Commission. ruling.
Pentoshi also points out that if a breakout occurs to regain the equilibrium point (PoB) at $ 49,380, it could be a signal that the market is coming into play, which is an important level.
Bitcoin “plays mind games” with the market
The Twitter crypto trader “Crypto_Ed_NL”, who described Bitcoin’s recent moves as a “gaming” mind game “with the market, provides further insights into the price movement of Bitcoin in the lower time frame charts.
As indicated in the graph provided, BTC price is currently consolidating below $ 48,000 and showing no signs of continuation yet, which should be exercised with caution for traders as a spike to the top is not a guarantee.
That being said, Crypto_Ed_NL doesn’t think this recent decline “started a bigger decline as we did,” suggesting the possibility of a possible surge in the near future.
Related: $ 85,000 next stop for Bitcoin as analysts predict a “boom” for BTC price behavior in the fourth quarter
Bitcoin is well on its way to closing higher weekly lows
Analyzing the price movement of Bitcoin on a weekly higher timeframe chart provided by the crypto analyst and Twitter user nicknamed “Rekt Capital” who indicated that Bitcoin is well on its way to a cheap week with new weekly ones Having lows when it can manage to hold above $ 46,300.
There is a well-defined level of support and resistance near $ 48,930 that is the source of the current struggle to break the upside and at the moment it looks like BTC will continue to consolidate within the current range.
The total crypto market cap is $ 2.129 trillion and the dominance of Bitcoin is 42.1%.