On September 6, the Bitcoin price reached a high of $10,933, A rapid decrease ensued, and the price reached a low of $10,208 during the same day. After a gradual retracement to $10,600 on September 8, BTC continued its decrease, albeit at a much slower rate.
![BTC Price](https://beincrypto.com/wp-content/uploads/2019/09/BTC-Outlook-79-1.jpg.optimal.jpg)
Bitcoin Price: Trends and Highlights for September 11
- BTC/USD is trading inside a descending wedge.
- There is support at $10,000 and $9800.
- Bullish divergence is visible in the one-hour RSI.
- The price has created a short-term morning star reversal pattern.
- There is resistance at $10,450.
Current Pattern
A look at the hourly time-frame shows that BTC has been trading inside a descending wedge since September 6.![BTC Price](https://beincrypto.com/wp-content/uploads/2019/09/descending-wedge-79-1.jpg.optimal.jpg)
Bitcoin Price Support and Reversal
Taking a slightly longer-term view, we can see two support areas, which are found at:- $10,000
- $9800
![BTC Price](https://beincrypto.com/wp-content/uploads/2019/09/support-area-BTA-79.jpg.optimal.jpg)
![BTC Price](https://beincrypto.com/wp-content/uploads/2019/09/morning-ssstar-1.jpg.optimal.jpg)
Bullish Divergence
In order to better analyze the possibility of a reversal, we have incorporated the RSI into the analysis.![](https://beincrypto.com/wp-content/uploads/2019/09/bulldiv79.jpg.optimal.jpg)
Future Movement
One resistance area is outlined below:![](https://beincrypto.com/wp-content/uploads/2019/09/tetetetetetetetetete.jpg.optimal.jpg)
Bitcoin Price Summary
The Bitcoin price has been trading inside a descending wedge. According to our analysis, BTC is likely to reach it. For trading purposes, we consider BTC a buy only for short-term time-frames. For the medium to long term, we still believe the price will reach values close to $9400. Do you think the Bitcoin price will break out from the wedge? Let us know in the comments below.![Telegram](https://3xz7gj47vd1t2zgr1q19hmwl-wpengine.netdna-ssl.com/wp-content/uploads/2019/08/bic_telegram_crypto_text.jpg)
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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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.
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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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