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Trend Analysis and Predictions for Bitcoin (BTCUSDT) on the Daily Timeframe September 2023

Trend Analysis and Predictions for Bitcoin (BTCUSDT) on the Daily Timeframe September 2023

Certainly, here’s the information with the symbols removed:

First, let’s discuss the recent important event:

  • The Dead Cross Signal occurs when a short-term average (usually the 50-day) crosses below a long-term average (usually the 200-day) on a chart.
  • Conversely, a Golden Cross happens when the 50-day average crosses above the 200-day average. This is a positive sign, indicating a potential longer-term uptrend or bull market.

Bitcoin has been undergoing corrective movements within a descending channel for over two years.

Recently, Bitcoin completed five upward waves within this descending channel.

By breaking the uptrend line, we confirmed the end of the main wave 5.

Currently, Bitcoin is working on completing its first corrective wave, named Wave A, within the Heavy Support zone ($25,280-$23,900).

It’s anticipated that Bitcoin will likely start rising again from the Heavy Support zone and may approach the upper boundary of the descending channel before falling again, possibly breaking through the Heavy Support zone and heading to the Price Reversal Zone. There’s also a possibility it may fill a CME Gap. This corrective wave structure is believed to follow a Zigzag pattern, marked as ABC/5-3-5.

This analysis pertains to Bitcoin (BTCUSDT) on the daily time frame.

Remember to set stop-loss orders when opening positions.

Stick to your strategy, as this is an analysis, and I’m interested in hearing your thoughts on this post.

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Disclaimer : Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. is not responsible for profits and losses arising from investment decisions.

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