Bitcoin (BTC) Price Forms Bullish Flag Pattern, Incoming Surge?

• Bitcoin’s price is underway for a surge in volatility as the market gathers momentum in a consolidation mode.
• BTC/USD pair is carving a bull flag pattern on the 4-hour time frame, but the price is closer to the $10000 critical support level.

Bitcoin’s price has continued to stay above the $10000 support since the monthly long opening, making its price to reach a high of $10849. The last 24-hours trading has made BTC to drop by -1.01%, although the market has been consolidating at an average of $10300 for the past seven days now.

Currently, BTC dominance has slightly dropped to 67.5%. This shows that liquidity is flowing into the altcoins, which is quite evident in the entire crypto market over the past 24-hours now.

Bitcoin’s Current Statistics

Trading Price: $10200

Market Capitalization: $183,504,327,525

Trading Volume: $16,394,959,534

Key resistance levels: $10434, $10600, $10800

Key support levels: $10000, $9850, $9550

Bitcoin (BTC) Price Prediction for September 18, 2019

Bitcoin is forming a bull flag pattern on the 4-hour time frame, following the August 29 rebound at $9300 area. This pattern is commonly a bullish breakout formation, which may play out if the buyers can surpass the $10434 resistance area but still holding the price in a consolidation mode.

Another thing to consider here is a potential channel break-up which may allow Bitcoin’s price to hit $10600 and $10800 resistance if a surge occurs. However, should BTC price keep rejecting at the channel’s upper boundary, we may see a price cut to $10000 vital support.

A further low drive could send the price to $9850, and $9550 supports. For now, the bulls are still defending critical support.

Conclusively

As we can see on the 4-hour chart, Bitcoin is coming up with a bullish formation that may take its price to the next parabolic phase. Currently, the bullish formation is yet to validate above the channel. The $10000 support is another area that is causing panic in the market.

However, the consolidation between the $10434 – $10000 price zones makes BTC fragile at the moment. We may have to wait for a clear breakout before initiating entry.

Technical Indicator Reading

The 4-hour RSI for Bitcoin price is currently positioned in a downward direction, reflecting short move in the market. Bitcoin may swing high if the RSI can climb above its 50 level.

The 4-hour MACD is revealing a sideways market as the price moves at the horizon of the zero level, showing an indecisive market.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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