Bitcoin Price Analysis September 27, 2021

How is the Bitcoin price currently doing? Today our analyst analyzes the BTC charts and tells you what to expect.

Bitcoin Week Chart

Is the bull run over or is this just the beginning of a longer cycle bull run? On the weekly chart we see a number of comparisons that our analyst wants to go through with you. It can be seen that in terms of the number of days in a bull market, we are well on track with the two previous bull runs. For example, in the previous bull runs, even after the top has formed, a downward channel has formed that has allowed the price to retrace all the way to the Fibonacci 0.618, this level is around $20K which has been the ATH for years. This downward trend can also be seen on the rsi (blue lines) and after it broke out, the Bitcoin price started to rise again.

It is remarkable that the run of 2013 has two impulse waves and that of 2017 only one. In 2013, there was a small retrace to the Fibonacci 0.382 in the bull run. The price has also bounced at this level. However, we see a clear lower high on the weekly chart and as long as there is no higher low, the bears remain in control. However, if the bulls regain strength, the long-term target for BTC will be between $100K and $130K.

BTC Week Chart – Source: Tradingview

Bitcoin 3 day chart

Also on the 3-day chart we see some comparisons with the previous bull runs. For example, there was a 0.382 retrace in June and the high will be tested again in September. The only difference with now and 2017 is that a higher high was set in 2017 and now a lower high. The $40K (yellow line) is now major support that BTC should be able to hold on to. If the price drops below that level, it seems likely that the price will still fall back towards 0.618, which is around $20K.

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BTC 3D chart – Source: Tradingview

Bitcoin 4 Hour Chart

On the 4-hour chart, Bitcoin trades against resistance from both the Break Of Structure (BOS) and the ema55. The rsi is slightly bullish. This is namely the one above the 50 level and the ema. It is a pity that after the BOS for the 1e once claimed there was a big drop. It looked like a perfect flip.

BTC 4-hour chart – Source: Tradingview


Short term, BTC resistance from the Break Of Structure has been around $44K. Support is below the trading zone on the yellow line around $40K. Above the BOS, the next monthly open resistance level is around $47K and if we get below the yellow line on the High Time Frames, we may well be looking for the fib 0.618 (20K).

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