- Market divided on the next move BTC will make
- Upcoming Bakkt an important milestone for the entire industry – Adam White
- RSI showing momentum, the ongoing “one big consolidation pattern in major uptrend” could end in the next few weeks
This week has been a whirlwind of price movements as first on Sept. 19, in a sudden move Bitcoin went down to $9,600 and then today it climbed right back up to $10,310 just as suddenly.
Currently, BTC/USD is trading at $10,179 with 24 hours gains of 3.15%, as per Coincodex.
Next Move: Up or Down?
The market now is back to guessing the next move Bitcoin is going to make.
Analyst The Cryptomist is expecting another drop but after making one leg up.
“We have a falling wedge here. I am looking for one more leg up before a bigger drop. Looking for this upward move to put in a double top on larger time frame RSI, before testing the 10k region once more.”
Meanwhile, trader Scott Melker states,
“BTC Hourly: The world’s skinniest bull flag. Confirmed hidden bullish divergence (signals likely continuation) on the line chart. Odds are in favor of a break up in the coming hours.”
Meanwhile, an Important Milestone for the Entire Industry
What’s interesting is the upcoming launch of Bakkt.
Next week, Bakkt will launch physically delivered daily and monthly bitcoin futures. This first fully regulated marketplace, Adam White, COO at Bakkt, says
“is an important milestone for the entire industry.”
BAKKT goes live tomorrow. It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom’s movement.
— John McAfee (@officialmcafee) September 20, 2019
As for price-wise, it is hard to say whether Bitcoin will go up or down.
On Sept. 6, the day Bakkt started accepting Bitcoin deposits for its warehouse, protected by a $125 million insurance policy, Bitcoin price took a drop of almost $700.
Would it be another buy the rumor, sell the news situation for BTC price, that’s to be known!
But the Long Term Parabolic High of Bitcoin Stays Intact
We are, in fact, in a bull market as prominent analyst PlanB shares,
“When RSI enters the RSI 50-80 zone (green), bitcoin bull market starts and RSI stays in that range for 3+ up-moves. In bear markets it oscillates in a lower range.”
Currently, RSI (relative strength index), the much-used indicator is showing “momentum,” registering a reading of just under 60.
As for the sideways trading the leading cryptocurrency is currently experiencing is as put by trader Bob Loukas, just
“one big consolidation pattern in major uptrend.”
Loukas predicts that after making the October low, Bitcoin might not see $10,000 ever again.
“BTC Cycle Low due early Oct, so still a few weeks left. Post Oct low, once reclaimed, I doubt we ever see $10k again. Ever,”