{"id":340799,"date":"2021-09-18T00:15:00","date_gmt":"2021-09-17T21:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-is-playing-mind-games-as-its-price-coils-into-a-tighter-range\/"},"modified":"2021-09-18T00:15:00","modified_gmt":"2021-09-17T21:15:00","slug":"bitcoin-is-playing-mind-games-as-its-price-coils-into-a-tighter-range","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-is-playing-mind-games-as-its-price-coils-into-a-tighter-range\/","title":{"rendered":"# Bitcoin is &#8216;playing mind games&#8217; as its price coils into a tighter range"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3872c6a9356\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3872c6a9356\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-is-playing-mind-games-as-its-price-coils-into-a-tighter-range\/#Bull_flag_forms_on_the_4-hour_chart\" >Bull flag forms on the 4-hour chart<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-is-playing-mind-games-as-its-price-coils-into-a-tighter-range\/#Bitcoin_is_%E2%80%9Cplaying_mind_games%E2%80%9D_with_the_market\" >Bitcoin is &#8220;playing mind games&#8221; with the market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-is-playing-mind-games-as-its-price-coils-into-a-tighter-range\/#Bitcoin_on_track_to_close_at_a_higher_weekly_low\" >Bitcoin on track to close at a higher weekly low<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin is &#8216;playing mind <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s&#8217; as its price coils into a tighter range <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> mood across the cryptocurrency market is one of anticipation on Sept. 17 as the price of Bitcoin has traded in an increasingly tighter range over the past couple of days and looks to be coiling in preparation for a move one way or another.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that the price of Bitcoin (BTC) has oscillated between $47,150 and $48,150 in trading on Friday as the lack of any major developments or headline-grabbing stories has led to a relatively flat day in the markets. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/759a0012-aace-4f33-96a8-33c478a85e52.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>A recent report from Delphi Digital suggested that last week\u2019s sudden drop in Bitcoin price caught the market off-guard and led to a significant drop in market sentiment from greed to fear, and BTC&#8217;s price performance over the past week has been been a response to that as traders cautiously re-engage the markets.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/dbfe2abb-bf77-4e03-b630-5547b0db65b7.png\"><figcaption style=\"text-align: center;\"><em>Fear &amp; Greed index and 7-day moving average. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n<p>Here\u2019s what analysts and traders are saying about the recent price action from BTC and what to keep an eye on as the market heads into the weekend. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bull_flag_forms_on_the_4-hour_chart\"><\/span>Bull flag forms on the 4-hour chart<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A positive take on Bitcoin\u2019s price action was provided by the pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user &#8216;Pentoshi&#8217;, who posted the following tweet highlighting the formation of a bull flag on the 4-hour chart and a subsequent retest of a major support and resistance level at $46,800. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> tell me this wasn&#8217;t a perfect bull flag into a perfect S\/R test into demand <br \/>Breakout can reclaim PoB = moon soon <\/p>\n<p>Keep in mind alt supply, and ETF season ahead likely to be key drivers + disclosures<\/p>\n<p>4Hr chart below <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/1Em8mMXhOj\">pic.twitter.com\/1Em8mMXhOj<\/a><\/p>\n<p>\u2014 Pent\u25ceshi Wont DM You (@Pentosh1) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1438657696882905092?ref_src=twsrc%5Etfw\">September 17, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As mentioned by Pentoshi, there are several upcoming developments that could lead to further bullish momentum in the market, chief of which is the growing list of Bitcoin ETF <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications that must be ruled on by the U.S. Securities and Exchange Commission (SEC). <\/p>\n<p>Pentoshi also suggested that should a breakout occur that manages to recapture the point of balance (PoB) at $49,380, that could be a signal that the market is about to go on a run, making it an important level to keep an eye on.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_is_%E2%80%9Cplaying_mind_games%E2%80%9D_with_the_market\"><\/span>Bitcoin is &#8220;playing mind games&#8221; with the market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Further insight into Bitcoin\u2019s price action on lower time-frame charts was provided by crypto Twitter trader &#8216;Crypto_Ed_NL&#8217;, who described the recent moves from Bitcoin as \u201cplaying mind games\u201d with the market. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/5f722d93-c370-4218-8b91-f54d2335d7d3.png\"><\/figure>\n<p>As highlighted in the chart provided, the price of BTC is consolidating below $48,000 now and has yet to provide signs of continuation, indicating caution for traders as a breakout higher is not a guarantee. <\/p>\n<p>That being said, Crypto_Ed_NL doesn\u2019t think that this latest price pullback is \u201chow we start a bigger move down,\u201d hinting at the possibility of a potential move higher in the near future. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Next stop $85K for Bitcoin as analysts predict \u2018explosive\u2019 Q4 for BTC price action<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_on_track_to_close_at_a_higher_weekly_low\"><\/span>Bitcoin on track to close at a higher weekly low<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analysis of Bitcoin\u2019s price action on the higher weekly time-frame chart was provided by cryptocurrency analyst and pseudonymous Twitter user &#8216;Rekt Capital&#8217;, who indicated that Bitcoin is on track to having a favorable weekly close with a new weekly higher low if can manage to stay above $46,300. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/d940116a-5558-421b-896d-3104c2952580.png\"><\/figure>\n<p>There is a well-defined support and resistance level near $48,930 that was the source of the current struggle to break out higher, and for now, BTC looks as though it will continue to consolidate in its current range. <\/p>\n<p>The overall cryptocurrency market cap now stands at $2.129 trillion and Bitcoin\u2019s dominance rate is 42.1%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-is-playing-mind-games-as-its-price-coils-into-a-tighter-range\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin is &#8216;playing mind games&#8217; as its price coils into a tighter range &#8221; The general mood across the cryptocurrency market is one of anticipation on Sept. 17 as the price of Bitcoin has traded in an increasingly tighter range over the past couple of days and looks to be coiling in preparation for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":340800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvZTBlNmUwNGQtNjc0YS00MTdiLWJlMTktM2Y3MGU3NzAyMzQxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-340799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/340799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=340799"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/340799\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/340800"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=340799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=340799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=340799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}