Bitcoin Price Doesn’t Manage to Come Close to $11K Today, BTC Sales on…

Bitcoin Price Doesn’t Manage to Come Close to $11K Today, BTC Sales on…

September 24, 2020

Bitcoin is trying to restore after a drawdown yesterday. It is now trading at around $10,336.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Tech analysis of BTC price today.
  • MicroStrategy may knock Bitcoin price down.
  • Novogratz considers the BTC to be promising.

On W1, the Bitcoin keeps correcting an uptrend; the quotations are currently trading at 61.8% Fibo. A bounce off it will signal further growth with the aim at 100.0% Fibo. The MACD histogram remains in the positive area – which, again, must be a sign of further growth. The signal lines of the indicator went on intertwining upon completing a Black Cross, thus also signaling possible growth of the price. The Stochastic is heading slowly for the overbought area, enhancing the probability that the price will rise.

Photo: RoboForex / TradingView

On D1, the technical picture is almost identical to that on W: the pair is completing a correction and comes back to the uptrend. The aim of the growth from the lower border of the channel is still $12,700 USD. The MACD histogram remains negative. The signal lines of the indicator have formed a Black Cross, signaling another small correction. The W and D1 charts in comparison give rather contradicting information. Nonetheless, a correction here looks more probable.

Photo: RoboForex / TradingView

On H4, an end to the correction is better seen: the Stochastic is declining to the oversold area, which is an additional signal of the end of the correction.

Photo: RoboForex / TradingView

In August, a company called MicroStrategy invested in the BTC some 250 million USD and 175 million more – in September. However, the management seems to have changed their attitudes: the company’s CEO Michael Saylor voiced the readiness to stop using the BTC if the profitability of other instruments grows significantly. Saylor also noted that he is no more a fan of digital money. His comments sounded rather harsh and unexpected because a bit earlier he stated that the BTC was more interesting than gold and the USD.

There is, indeed, a risk that the BTC for 425 million USD will be sold, and such a lot could drag the rate of the leading cryptocurrency seriously down and perhaps for long. However, for MicroStrategy, this will also be a stress. On the other hand, such comments may be mere hype: the company may be trying to knock the BTC rate down to buy more of it at a lower price.

A famous investor Mike Novogratz thinks that the BTC is very promising, and if the market believes in it, the price of the asset may rise much higher. In summer, Novogratz forecast that by the end of the year, the BTC rate will have reached 20,000 USD thanks to a flow of retail investors.

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.

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