My apologies for the lack of market reports the past few months, we have been hard at work developing our very own automated Crypto trading software. It is getting close to the release, software has been battle tested in the markets these last couple of months, stay tuned. 🤖
Back to the markets, BTCUSD has been a little bit boring after the drop on the 5th of September. Resistance levels mentioned in my previous report came into play and the market did not have the momentum to beat the $6800 level, after which prices retreated to previous support at $6400. Let’s take a look at the 1 Day candle chart.
We can clearly see the attempt to break resistance, but clear consolidation below resistance bringing us back to a bearish scenario on the shorter term. Both momentum indicators confirm the current bearish pressure in the Bitcoin market, with Ripple and Bitcoin Cash currently outperforming Bitcoin, it will be an interesting few days ahead.
Support in my opinion as follows, $6200 – $6400 will act as near term support, traders will be looking to these levels for the possible bounce or further short trades to the $5800 – $6000 range. Crypto has been quite bullish of late, I will wait to see if this trend continues to manifest itself, and keep an eye on both directions when it concerns Bitcoin.
This is a picture that we have seen a lot with Bitcoin over the years, typical in crypto after very big pumps and dumps. This is typical to a market finding its equilibrium before further growth. I am not concerned about Bitcoin or Crypto crashing. A more rewarding focus would be to get involved in projects, and enjoy being a part of the space in this period of calm.
Feel free to discuss any trade ideas with us on Discord. Safe trades.
- This reply was modified 6 months, 4 weeks ago by CheesePuff.