In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BTCUSD for SEP 11, 2024. 

Key Takeaways 

• The debate will determine the future of Bitcoin: US presidential candidates Harris and Trump will have their first debate on ABC News today. Bitcoin soared during the Trump-Biden debate in June because Trump had clearly supported cryptocurrencies. If Trump performs better, Bitcoin is likely to continue to rise. 

• The market expects a 25-basis point rate cut: According to a Reuters survey, 92 of 101 economists expect the Federal Reserve to cut interest rates by 25 basis points on September 18, and 9 economists expect a 50-basis point cut. 

Technical Analysis 

Weekly Chart Insights 

(BTCUSD Weekly Price Chart, Source: Ultima Markets MT4) 

• MACD: The momentum column is shrinking and falling and is about to approach the 0 axis. The slow red line indicator is also in a downward trend. In contrast to the indicator, the market price is in a state of adjustment and decline. Therefore, after the indicator approaches the 0 axis, pay attention to whether there are signs of reversal and upward movement in the current month. 

• Support price: The market price has continued to fall in the past two weeks, but it has not fallen below the lowest price of the previous pin bar. There are three strong support levels below – the downward channel line, the black 65-week moving average and the previous support price of 48975. 

H1 Chart Insights 

(BTC/USD H1 Price Chart, Source: Ultima Markets MT4) 

• MACD: The momentum column shows signs of rising, and the indicator is about to be above the 0 axis and may send a bullish signal again. But it is worth noting that the current market price rises before the indicator and be alert to the possibility of a top divergence reversal in the Bitcoin price. 

• Elliott Wave Theory: Bitcoin has clearly defined the upward driving wave after a strong breakthrough of the upward channel line, and the subsequent sideways adjustment is regarded as wave 4. Based on the extended wave attribute of wave 3, it is expected that wave 5 is equal to wave 1, and attention should be paid to the resistance of 58621.13 above. 

Pivot Indicator 

(BTC/USD M30 Price Chart, Source: Ultima Markets MT4) 

• According to the Ultima Markets MT4, the central price of the day is established at 57369, 

• Bullish Scenario: Bullish sentiment prevails above 57369, first target 58354, second target 59004; 

• Bearish Outlook: In a bearish scenario below 57369, first target 56709, second target 55702. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.