Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

September 16, 2021
Back to back positive days for Bitcoin have seen another 2.5% gain today. $50,000 now comes into view, as the market shakes off the El Salvador flash crash with apparent ease.

The most interesting thing today was probably my AMA, which, if you missed it, it was streamed live on YouTube and hosted by The Birb Nest, and can be viewed here.

The second most interesting? The news that Fidelity sat down for a private meeting with the SEC and asked "When are we getting an EFT?" When, indeed. The arrival of a US ETF is likely to kick-start another strong rally for BTC. The SEC's reluctance to give an outright no seems to indicate that we may not have to wait too much longer for a new tide of capital to enter the space.

We have highlighted that the rally from $30,000 to $50,000 was largely driven by existing holders. New capital entering the digital asset space will be the rocket fuel this bounce needs.

As the chart above shows, the whales continue to add to their positions. Couple this with the chart below, and you start to see the real picture.

The force is strong, and a 20% drop in a day is just another dip to buy...

Technical Analysis

A “Golden Cross” formed today as the Bitcoin price's 50-day Simple MA moved up through the 200-day MA. Also, Bitcoin has printed a bullish engulfing candle on the daily close. This implies continuation to the upside. The Oscillators are also showing promise, with the RSI moving back up (53%). Meanwhile, the MACD remains positive. Supports are seen towards the recent consolidation lows of $43,000/$45,000 and resistance towards $50,000/ $52,000.

The 30min Chart is breaking out of a parallel rectangle and confirmed by a strong daily close. Plenty of work to be done on the topside with resistance at $48,100, $49,400, $50,315, and $51,075. Supports are at $46,800, 46,350, $45,235 and $44,150.

The larger timeframe shows consolidation after last week's shock crash. Oscillators are showing positive signs as the RSI climbs out of neutral territory and the MACD remains positive. Traders are quite wary after recent moves and perhaps now trading with tighter stops and less leverage as a lesson learned. Ethereum is trying to break a mini downtrend, but may start to outperform again if this occurs.

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