Bitcoin (BTC) Technical Analysis - 21 September 2017

Importance Notice: This is NOT financial advice. It is provided for educational purposes only.

Bollinger Bands

On 2nd September 2017, BTC jumped above the Bollinger band at the $5,000 USD point indicating it was oversold. Here is where we see the sell off.

On 15th September 2017, BTC jumped below the band at $2,950 USD indicating it was undersold. Here is where we see the big buys - see the big green buy indicator on the graph.

BTC is now back in the middle of the bands at the lower end.

Moving Averages

Bitcoin is presently slightly below the 50 and 100 day moving averages, which is understandable as there is some uncertain sentiment about Bitcoin in the market due to the recent China Regulatory News, as well as, mainstream media FUD.

MACD

Appears to be close to an upward cross wish is a sign of bullish trend. But it is close to the line so probably too soon to tell.
Hopefully this is an indicator for Bitcoin to hold a support around the $3,800 - $3,900 range. This would be a very positive sign.

Forecast

Stand-By: If BTC cannot maintain support, it could drop down to the $3,000 range again. For example if there is further bad news. Otherwise, if BTC can hold the $3,900 range, there could be possible support to have it break $4,300 and go for another attempt at breaking $5,000 again.

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