The Bitcoin (BTC) price movement was slightly bullish in September. The monthly open was near $26,000; the price fell to $24,900 but is currently trading at $27,000.

These four crypto traders employed different means to give Bitcoin predictions for September, achieving considerable Bitcoin profits as a result.

Elliott Wave Count Predicts Drop and Bounce

Technical analysts employ the Elliott Wave theory as a means to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.

The method was used to predict the September 11 bottom and ensuing bounce.

Both CryptoTony_ and AltstreetBet suggested that the September 11 bottom was the low of a corrective A wave. Then, they stated that the price would soon bounce and complete the B wave in the process.

Decode tomorrow’s crypto prices today: Bitcoin (BTC) Price Prediction

After the bounce, the BTC price reached a high of $27,483 on September 19 before falling slightly. Then, the price began another upward movement on September 27.

Even though the movement so far has gone according to the predictions, the count is not confirmed yet.

If the bounce is indeed part of the B wave, the price will reach a top inside the 0.5-0.618 Fib retracement resistance area at $28,400-$29,200 before falling towards $23,000 and completing the C wave.

However, a decisive close above the 0.618 Fib level will mean that the price has already reached its bottom. In that case, Bitcoin will likely increase towards the yearly high at $31,800, an increase of 17% measuring from the current price.

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Bitcoin Price Deviation and Reclaim Leads to Upward Movement

To give correct predictions for the Bitcoin movement in September, the other two crypto traders used a deviation below a horizontal support area and subsequent reclaim.

Anbessa100 and Profit8lue both saw that the price fell below $25,400 and suggested a reclaim would occur.

After the deviation, the BTC price reclaimed the $25,400 horizontal area and reached a long-term descending resistance trendline on September 19.

However, it has fallen since. A breakout from this trendline will go a long way in suggesting that BTC has begun a bullish trend reversal. This would likely take the BTC price to the 0.5 – 0.618 Fib retracement resistance, an increase of 7% measuring from the current price.

A decisive breakout above the 0.618 level is required for the price to confirm its bullish trend reversal and increase toward the yearly high.

For BeInCrypto’s latest crypto market analysis, click here

The post These 4 Crypto Traders Were Profitable Trading Bitcoin (BTC) in September appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ September 29, 2023 9:12 am