Technical Analysis 18/09/19
September BTC update.
Psychological support of $10,000.00 remains strong lately whilst the market consolidates for the big move. It seems that bulls and bears are aligning the prices with the upcoming Bakkt launch on the 23 September. Therefore, the future move could be expected in mid 20's dates of this month.
Daily RSI indicates we could dip further down in case if $10,000.00 fails to hold. The dip could go as low as $9,450.00 and $9,000.00 range, which acts as a solid support from mid June. Bakkt launch carries a bullish sentiment and it could seem that 5 days is not enough for a significant dip. Nonetheless, in case if dip still occurs and the above-mentioned levels also fail to hold, the price could descent to lower lows of $8,800.00 and $8,300.00, where the major interest in trading persists based on VPVR indicator.
It is important to remember that BTC is trading in descending triangle, which normally is a bearish sign. However, it is still possible to expect the bulls to get intact if Bakkt effect takes place and manages the BTC price to breakup the upper descending trend line. In this scenario there are still milestones to overcome, which are $11,000.00 and $12,100.00. Breaking up the resistance should lead to yearly high testings, leading us to a booming end of the year.
Due to high uncertainty it would be wise to avoid any trades in the nearest future until the we start determining the market sentiment more clearly.
I would like to mention that this is not a financial advise but rather an observation of the market. Trade carefully and at own risk.
All the best! Trade safe!
Psychological support of $10,000.00 remains strong lately whilst the market consolidates for the big move. It seems that bulls and bears are aligning the prices with the upcoming Bakkt launch on the 23 September. Therefore, the future move could be expected in mid 20's dates of this month.
Daily RSI indicates we could dip further down in case if $10,000.00 fails to hold. The dip could go as low as $9,450.00 and $9,000.00 range, which acts as a solid support from mid June. Bakkt launch carries a bullish sentiment and it could seem that 5 days is not enough for a significant dip. Nonetheless, in case if dip still occurs and the above-mentioned levels also fail to hold, the price could descent to lower lows of $8,800.00 and $8,300.00, where the major interest in trading persists based on VPVR indicator.
It is important to remember that BTC is trading in descending triangle, which normally is a bearish sign. However, it is still possible to expect the bulls to get intact if Bakkt effect takes place and manages the BTC price to breakup the upper descending trend line. In this scenario there are still milestones to overcome, which are $11,000.00 and $12,100.00. Breaking up the resistance should lead to yearly high testings, leading us to a booming end of the year.
Due to high uncertainty it would be wise to avoid any trades in the nearest future until the we start determining the market sentiment more clearly.
I would like to mention that this is not a financial advise but rather an observation of the market. Trade carefully and at own risk.
All the best! Trade safe!
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.