Nov 18, 2019 --- Blog
Below is our full Bitcoin price update for 11th September 2019. Bitcoin showed some very interesting bull runs as the price went slightly above $10000. Read below to see exactly what trends pushed the price up.
No surprises in the bitcoin markets over the past 24 hours given price indeed moved below the 10,000 $ level as expected, multiple times in fact, on still weak short-term technicals and poor sentiment, hence we think there are at least a few more days of selling pressure to come before the weekend. That said, the fact that the bulls have been able to push price back above the 10k $ level each and every time a probe below there materializes is a good sign for them moving forward, as are the longer-term charts, so we still want to be buyers of additional weakness down into the slightly adjusted ST ProTrade entry area.
We'll begin with a look at the 6-hour chart for a close-up view of the short-term setup where we can see that price is now treading water in between the bearish Ichimoku Cloud and the upper demand area on red SCMR signals and mixed candle formations while near-term market structure remains heavy and dynamic resistance continues to actively build overhead, all confirming our still intact near-term forecast for more consolidation but with a slight bearish bias. The falling EMA's, the mixed SMA's, and the thinning Cloud out in front of the market all confirm this outlook as well, however, support in the 9750 - 9850 $ area is building and another successful test could lead to a more substantial bounce over the weekend.
As far as shorter-term momentum and volume are concerned, notice that Willy and the Stochastic are hovering just above oversold territory after full recharges recently, RSI has not fully recharged but has stabilized around its 40-line, MACD remains below its zero line but is close to regaining that level, and PPO continues to flash neutral signals but is approaching buy signals quite quickly, all suggesting that more consolidation is necessary but that the bears' opportunity is running short. The mixed exchange volumes and suboptimal volume profile setup confirm the trendless conditions, although the healthy A/D line shows that the bulls are taking advantage of this recent weakness (and will likely continue to do so over the coming days).
Next we'll zoom out to the 3-day chart for a broad view of the medium-term setup where we can see that the descending triangle remains in play within the still intact descending channel, both of which are keeping conditions generally neutral for the time being which is being illustrated by the grey SCMR signals and mixed candle formations that we've seen over the past week. Also note that the EMA's have almost completely flatlined around the 10k $ level and the 200 SMA has stagnated as well, so more sideways to downward action over the near-term seems like a pretty good bet, although the 50 and 100 SMA's are still rising, there is a demand area just below the market, and the Ichimoku Cloud remains firmly bullish so we think dips into support will continue to be bought until further notice.
Moving on to longer-term momentum and volume, notice that Willy and the Stochastic have yet to fully recharge but are very close to doing so, RSI hasn't made much more progress to the downside but continues to hold its 40-line, MACD is still below its zero line but looks promising overall, and PPO remains neutral and firmly so, all pointing to more generally neutral price action with a slight near-term bearish bias but a still sanguine longer-term outlook given the oscillators continue to improve. The dwindling exchange volumes, weakening A/D line, and thin volume profile setup confirm the need for more short to medium-term consolidation between 9 - 12k $, with a bearish shorter-term bias, although all within the context of a large and longer-term bull market that is still likely to resume later this year.
The market has now been hovering just above the 10,000 $ level for most of the day, which is a clear sign of indecision in our opinion, and given the lackluster shorter-term technicals we think more tests of sub-10k $ are coming in the near future. That said, we also think that the bulls will be willing to defend stronger historical support in the 9400 - 9800 $ area which is where we adjusted the ST PT entry area in case the bears get more active before what could be a rather bullish weekend.
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