Bitcoin (BTC) Price Analysis – September 14

  • The bulls might have crossed the first hurdle at the $6,400 price level to have an open door.
  • If the bulls overcome the hurdle at the $7,400 price level, the BTC price might attain the $8,500 price level.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bullish

Resistance levels: $6,600, $6,800, $7,000

Support levels: $6,200, $6,000, $5,800

The price of Bitcoin was in a bullish trend yesterday. After being initially repelled the bulls broke the $6,400 price level and are presently approaching the $6,600 price level. At this point, we can assume that the bulls might have crossed the first hurdle at the $6,400 price level. There is one more hurdle at the $7,400 price level where we had a sudden price spike on September 5th.

If the bulls overcome the hurdle at the $7,400 price level, the BTC price will attain the $8,500 price level. Today, the price of Bitcoin is heading towards the direction of the resistance level at $7,400. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and 26-day EMA which indicates that the price was previous falling.

BTCUSD Short-term Trend:  Bullish  

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View   

On the 4-hour chart, the BTC price is in a bullish trend. The price of Bitcoin is making a series of higher highs and higher low as it targets the previous highs of $7,500 and 8,500. The BTC price is above the 12-day EMA and 26-day EMA which indicates that the price is rising. Meanwhile, the Relative Strength Index period 14 is level 65 which indicates that the price is in a bullish trend zone.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Kraken OTC Head Says It’s Too Early to Call Bitcoin a 'Safe Haven' Asset

Michael LaVere
  • Kraken head of OTC trading Nelson Minier says it's too early to call bitcoin a "safe haven" asset.
  • Compares the current atmosphere of crypto trading to how Wall Street used to be. 

Nelson Minier, head of over-the-counter (OTC) trading at crypto exchange Kraken, says that it is too early to call bitcoin a “safe haven” asset, despite the cryptocurrency gaining popularity in that regard. 

Too Early for Save Haven Status

In an interview with Nasdaq TradeTalks, Minier compared the current state of bitcoin and crypto-assets trading to how Wall Street used to operate in the past. 

According to Minier, 

Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate. I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading. It feels very much like that...there's a lot of energy and enthusiasm about this progress and where it's going.

Bitcoin has been gaining popularity as a so-called “safe haven” asset. According to the growing belief among analysts and investors, BTC is an attractive alternative to fiat and the traditional stock markets as a hedge against economic downturn. 

However, Minier believes it’s too early to label bitcoin as a safe haven, given the high price volatility. 

He continued, 

So, I’m not so sure that it’s a safe haven asset yet, but I do think that it’s starting to act like one. I think that people are starting to portfolio manage, are starting to come in slowly. And when the market is getting shaky you saw Bitcoin rise, I mean, you wouldn’t see that before, it was trading like a risky asset.

Despite calling bitcoin's safe haven status premature, Minier admitted that “we're heading that way for sure.”