On August 29, 2019, the Bitcoin price reached a low of $9511. A rapid upward move took it to a high of $10,933 on September 7. BTC has been decreasing since.

Bitcoin Price: Trends and Highlights for September 17
- BTC/USD is trading inside a short-term symmetrical triangle.
- There is support at $9400, $9800 and $10,000.
- BTC is trading inside a long-term descending triangle.
- The daily moving averages have made a bearish cross.
Current Bitcoin Price Pattern
Looking at the two-hour chart, we can see that BTC has created a short-term symmetrical triangle. It has been trading within its confines since August 29.
Bearish Or Neutral?
A look at the daily chart shows that BTC has been trading inside a descending triangle since June 26.

Downtrend Awaits
Incorporating the daily moving averages (MA) and the MACD into analysis suggests that further price decreases await BTC.
Support Areas
In case a breakdown occurs, two support areas are traced below.
Bitcoin Price Summary
The Bitcoin price is trading inside a symmetrical triangle. According to our analysis, it is likely to break down and reach at least one of the support areas outlined. For hypothetical trading purposes, we consider BTC a sell close to $10,300. Do you think the Bitcoin price will break out or break down from the triangle? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, TradingView.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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