Technical Analysis of BTC/USD for September 13, 2023
September 13, 2023 9:25 am
Crypto Industry News:
The N28CT valuation model suggests that the main cryptocurrency is undervalued today, and its ATH during the cycle that is already underway will be over USD 100,000.
The mentioned model assumes that each cycle is divided into four stages. The key date is November 28 (hence N28, N = November). It is around this day (+/- 21 days) that the bottom and ATH cycles occur in Bitcoin. The model starts on the day of the first halving, i.e. November 28, 2012.
Each cycle is divided into four years. The green year is a period of accumulation. This means that the Bitcoin price reached the bottom on the chart at the beginning of the year (+/- 28 days from November 28). This is the perfect time for shopping.
The green year is followed by the blue year (preparation for the new ATH). Then the BTC rate is around the median and then moves towards the new ATH.
Finally, a red year means strong growth and the aforementioned new ATH. The rate reaches its peak +/- 21 days from November 28 this year.
Then comes the orange year, i.e. the bear market period. It is also a good time to buy, because the declines continue and the cryptocurrency goes from overvalued to undervalued.
Using this model, we can conclude that BTC’s ATH in 2025 will be $140,000. In turn, the lowest price in 2026, the bear market period, will be USD 27,000. The median price is $70,000.
Of course, this is only a model. It doesn’t necessarily have to work. In addition, various factors may affect the price of cryptocurrency – e.g. regulatory, geopolitical or economic. Then the cycles may be disturbed. However, it is worth considering almost every model and drawing something out of it for yourself.
Technical Market Outlook:
The BTC/USD pair has bounced from a new swing low at the level of $25k towards the old trading range. Nevertheless, the bearish pressure is strong as the momentum is again weak and negative, so the bears faded the up move at the level of $26,446. The short-term outlook for BTC remains bearish as the market keeps making lower lows and lower highs in the H4 time frame chart. The intraday technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $26,446.
Weekly Pivot Points:
WR3 – $26,241
WR2 – $26,002
WR1 – $25,911
Weekly Pivot – $25,765
WS1 – $25,672
WS2 – $25,525
WS3 – $25,268
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
The N28CT valuation model suggests that the main cryptocurrency is undervalued today, and its ATH during the cycle that is already underway will be over USD 100,000.
The mentioned model assumes that each cycle is divided into four stages. The key date is November 28 (hence N28, N = November). It is around this day (+/- 21 days) that the bottom and ATH cycles occur in Bitcoin. The model starts on the day of the first halving, i.e. November 28, 2012.
Each cycle is divided into four years. The green year is a period of accumulation. This means that the Bitcoin price reached the bottom on the chart at the beginning of the year (+/- 28 days from November 28). This is the perfect time for shopping.
The green year is followed by the blue year (preparation for the new ATH). Then the BTC rate is around the median and then moves towards the new ATH.
Finally, a red year means strong growth and the aforementioned new ATH. The rate reaches its peak +/- 21 days from November 28 this year.
Then comes the orange year, i.e. the bear market period. It is also a good time to buy, because the declines continue and the cryptocurrency goes from overvalued to undervalued.
Using this model, we can conclude that BTC’s ATH in 2025 will be $140,000. In turn, the lowest price in 2026, the bear market period, will be USD 27,000. The median price is $70,000.
Of course, this is only a model. It doesn’t necessarily have to work. In addition, various factors may affect the price of cryptocurrency – e.g. regulatory, geopolitical or economic. Then the cycles may be disturbed. However, it is worth considering almost every model and drawing something out of it for yourself.
Technical Market Outlook:
The BTC/USD pair has bounced from a new swing low at the level of $25k towards the old trading range. Nevertheless, the bearish pressure is strong as the momentum is again weak and negative, so the bears faded the up move at the level of $26,446. The short-term outlook for BTC remains bearish as the market keeps making lower lows and lower highs in the H4 time frame chart. The intraday technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $26,446.
Weekly Pivot Points:
WR3 – $26,241
WR2 – $26,002
WR1 – $25,911
Weekly Pivot – $25,765
WS1 – $25,672
WS2 – $25,525
WS3 – $25,268
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: