9/2 bitcoin.
Hello everyone, this is Full_time_trader88.
Let’s dive into the Bitcoin market analysis for September 2nd.
(BTC 1H)
First, I’d like to briefly review my previous analysis.
I was closely watching the 57.5K level (the previous low) as a key area. This level was important because:
It was the bottom of the trading range.
It was also the neckline of a Head and Shoulders pattern.
It was the lowest point of a falling wedge pattern.
It was the area where a bullish divergence was forming on the 4-hour chart.
Given all these factors, I considered it a very significant level. When this level was broken, I decided to cut my losses.
However, there hasn’t been any major movement since then. In other words, my previous analysis didn’t play out as expected.
With that said, it’s time to conduct a fresh analysis.
(BTC 1H)
A new falling wedge pattern is forming, with 2 touches on the upper trendline and 4 touches on the lower trendline. This pattern is showing strong reactions within its boundaries, making it a key pattern to watch at this time.
(BTC 15M)
On a shorter time frame, a double bottom has formed, with the key level being 57.1K. The breakout level for this double bottom pattern is around 58.8K. Therefore, I would draw support and resistance lines at 57.1K and 58.8K, respectively.
(BTC 4H)
Where has Bitcoin been consistently facing resistance recently? It’s struggling to break above the middle line of the Bollinger Bands on the 4-hour chart, which coincides with the 20 MA. So, in effect, it hasn’t been able to break above the 20 MA.
(BTC 1D)
Naturally, the same applies to the daily chart—Bitcoin hasn’t been able to break above the middle line of the Bollinger Bands here either. The sequence should be:
First, a break above the middle line of the Bollinger Bands on the 4-hour chart → Then, a break above the middle line of the Bollinger Bands on the daily chart.
(BTC CME 1H)
Let’s also take a quick look at the CME chart.
Recently, two gaps have formed:
Gap 1 → $60,485~$61,880
Gap 2 → $58,645~$58,910
Gap 1 was partially filled but didn’t completely close. Gap 2 remains unfilled.
According to the well-known "gap theory" (the idea that prices tend to return to fill gaps), there are gaps above but none below.
[Conclusion - 3 Point Summary]
1. The newly formed falling wedge pattern looks significant.
2. The middle line of the Bollinger Bands on the 4-hour chart is crucial.
3. There are two gaps above in the CME chart, but none below. (No recent gaps below)
These are the key points to keep in mind.
That’s all for today. Thanks for reading.
(Please don't forget to subscribe and like!)
- This analysis is not a recommendation to buy or sell.
- It reflects personal views for informational purposes only.
- All investment decisions are at your discretion, and you are fully responsible for any actions you take.
Let’s dive into the Bitcoin market analysis for September 2nd.
(BTC 1H)
First, I’d like to briefly review my previous analysis.
I was closely watching the 57.5K level (the previous low) as a key area. This level was important because:
It was the bottom of the trading range.
It was also the neckline of a Head and Shoulders pattern.
It was the lowest point of a falling wedge pattern.
It was the area where a bullish divergence was forming on the 4-hour chart.
Given all these factors, I considered it a very significant level. When this level was broken, I decided to cut my losses.
However, there hasn’t been any major movement since then. In other words, my previous analysis didn’t play out as expected.
With that said, it’s time to conduct a fresh analysis.
(BTC 1H)
A new falling wedge pattern is forming, with 2 touches on the upper trendline and 4 touches on the lower trendline. This pattern is showing strong reactions within its boundaries, making it a key pattern to watch at this time.
(BTC 15M)
On a shorter time frame, a double bottom has formed, with the key level being 57.1K. The breakout level for this double bottom pattern is around 58.8K. Therefore, I would draw support and resistance lines at 57.1K and 58.8K, respectively.
(BTC 4H)
Where has Bitcoin been consistently facing resistance recently? It’s struggling to break above the middle line of the Bollinger Bands on the 4-hour chart, which coincides with the 20 MA. So, in effect, it hasn’t been able to break above the 20 MA.
(BTC 1D)
Naturally, the same applies to the daily chart—Bitcoin hasn’t been able to break above the middle line of the Bollinger Bands here either. The sequence should be:
First, a break above the middle line of the Bollinger Bands on the 4-hour chart → Then, a break above the middle line of the Bollinger Bands on the daily chart.
(BTC CME 1H)
Let’s also take a quick look at the CME chart.
Recently, two gaps have formed:
Gap 1 → $60,485~$61,880
Gap 2 → $58,645~$58,910
Gap 1 was partially filled but didn’t completely close. Gap 2 remains unfilled.
According to the well-known "gap theory" (the idea that prices tend to return to fill gaps), there are gaps above but none below.
[Conclusion - 3 Point Summary]
1. The newly formed falling wedge pattern looks significant.
2. The middle line of the Bollinger Bands on the 4-hour chart is crucial.
3. There are two gaps above in the CME chart, but none below. (No recent gaps below)
These are the key points to keep in mind.
That’s all for today. Thanks for reading.
(Please don't forget to subscribe and like!)
- This analysis is not a recommendation to buy or sell.
- It reflects personal views for informational purposes only.
- All investment decisions are at your discretion, and you are fully responsible for any actions you take.
Nota
Current Bitcoin Situation
Falling Wedge Pattern → It has broken out, but is currently being held back by the 5-touch downtrend line.
5-Touch Downtrend Line → This trendline seems to be the most crucial at this point. Every time the price touches it, there's a sharp decline. I believe it's worth keeping a close eye on.
Conclusion : The 5-touch downtrend line appears to be highly important.
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