Bitcoin (BTC) is gaining momentum as its price remains stable at $60,000, leading to a bullish sentiment among traders. As of September 15, BTC/USD is up by 9% for the week, according to the latest analysis. The daily and weekly charts for BTC show a potential turnaround in price.
Various indicators, such as the Ichimoku cloud and the relative strength index (RSI), suggest that BTC is reclaiming key levels after a period of testing support. A popular trader named Titan of Crypto shared the results of these indicators on X, confirming the positive outlook for BTC. The Ichimoku chart shows that BTC has reclaimed the Tenkan, Kijun, and is now above the Kumo Cloud.
The Ichimoku cloud, a well-known analysis tool, has been accompanying Bitcoin’s bull run over the past 18 months and is now indicating a resistance retest on weekly timeframes. This is further supported by data from Cointelegraph Markets Pro and TradingView, which show that BTC is reclaiming the same two Ichimoku trend lines.
Titan of Crypto also mentioned that the daily RSI has crossed the important 50 mark and is in the process of doing the same on weekly timeframes. Additionally, the RSI has broken through a multi-month trendline, further strengthening the bullish case for BTC.
Traders are anticipating a potential interest rate cut by the United States Federal Reserve on September 18. This macroeconomic trend change is seen as a positive development for BTC’s price. Trading firm QCP Capital suggests preparing for different scenarios in the market and positioning for bullish outcomes.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and take risks into consideration before making any investment or trading decisions.