Daily Bitcoin chart review

9 sept. 2019

First small entry into long position opened at 10100, but can't yet consider it to be long term, as still not enough volume for the bounce. If bulls won't show themselves, we may see next dump from 10250-10300, ad towards next support zones at 9900-9770-9600 (last one is the strongest). Wide green support zone from 9050 to 9300 represents the last support for price to stay within grand triangle.
As for BTC dominance, as expected, it is going down to ~71.5 support.

Yesterday telegram post: I'd rather go long in current market situation, the only question is which entry would be the best - and 10.1k seem to be the optimal price.

Fear & Greed index: 41 (<= 43 <= 39 <= 43 <= 41)
BTC Dominance: 69.8% (<= 70.2 <= 70.9 <= 71.1)
Market Cap: $261.619 billion (<= 269.049 <= 263.399)
24h Vol: $51.012 billion (<= 53.729 <= 58.472 <= 49.382)

9 sept. 2019

Commentaire

"While descending triangle is a bearish continuation pattern, and usually is found within downtrends, it is not unusual on occasion for it to be found at market tops. ..., a close below the flat lower line would signal a major trend reversal to the downside" (John J. Murphy)

"... break out into direction of prior trend somewhere between 2/3 and 3/4 of the horizontal width of the triangle. Beyond 3/4 point triangle start to lose its potency, and usually means price will continue to drift out to the apex or beyond." (John J. Murphy)

What a coincidence that 23rd September comes right into the break out zone =)

9 sept. 2019

Commentaire

- also like parallel channels view at this chart. BTC trying to get into higher one.