These two crypto analysts failed to accurately predict the crypto market in September, particularly regarding the Bitcoin (BTC) price.
It can be difficult to time or predict the correct movements in the market. Even some of the best in the business get it wrong. BeInCrypto looks at crypto analysts who were unfortunately incorrect in their analysis of Bitcoin in September.
Deviation and Reclaim Do Not Lead to BTC Price Increase
On September 15, well-known cryptocurrency trader @Tradermayne tweeted a Bitcoin chart showing the price deviating below the $25,250 area before reclaiming it.
Empower your investments with price predictions: Bitcoin (BTC) Price Prediction
Initially, the reclaim did initiate an upward movement. However, the increase did not cause a breakout from a descending resistance trendline. Rather, the price was rejected on September 19 (red icon) and has fallen since.
So, the trend is considered bearish in the short term until the price breaks out from this trendline.
The closest support at $25,500 is 3% below the current price. The next closest resistance is at $29,000, which is 10% above the current price.
Corrective Bitcoin Count Proves Invalid
Technical analysts utilize the Elliott Wave theory to ascertain the trend’s direction by studying recurring long-term price patterns and investor psychology.
According to the proposed count, BTC would fall below its September 11 lows after reaching a local top at $26,200.
However, the BTC price reached a high of $27,230 instead. Then, it fell and validated the $26,000 horizontal support area.
This movement invalidated the possibility that the previous structure (highlighted) was an A-B-C corrective structure (black). If so, the price began a new upward movement on September 12 (green icon).
Whether the price breaks down below the $26,000 area, continues its ascent, and breaks out from the previously outlined descending resistance trendline will determine the correct outlook.
For BeInCrypto’s latest crypto market analysis, click here.
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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.