September 8, 2018 at 7:11 am #18152
This is the thread for price analysis on the Bitcoin markets in the month of September 2018.
September 27, 2018 at 8:51 am - Views: 2583 #18204
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.
September 8, 2018 at 7:44 am - Views: 3811 #18153
- This reply was modified 8 months, 3 weeks ago by CheesePuff.
Quick Bitcoin price forecast after the carnage on the markets in the last week, so WHY IS CRYPTO CRASHING? Is it crashing? Most of the markets in the world are having a bit of a hard time right now, including stocks, emerging markets and of course crypto and a few more.
Crypto being down about 70% or more since December last year, is quite normal, like most old school holders would tell you. Lets take a look at the BTCUSD 1 Day chart to asses the damage.
We can clearly see that jumbo bearish candle formation brought on by panic selling in the market, there was great volume on the market and this is a very good sign. On the longer term we can see that there is some serious bearish momentum and the buyers will have to keep on buying to even out at these levels.
On the shorter term $6400 has been acting as a strong support, and I will look to this level to signal a break to the downside, on the flip side i will monitor $6500 – $6600 as the current shorter term resistance.
Should the first level of support fail, I would expect prices to test lower support zones at, $6200 – $6000 – $5880. Each of these levels represent a potential point in which we can short the market, however please note this is also likely where support could kick to produce a bounce. Most trades here on margin would be considered higher risk trading.
Should our support level hold, i will look to the resistance zone to signal the next break to the topside. Resistance levels are as follows, $6650 – $7000 – $7400.
Safe trades. Feel free to discuss any trade ideas with us on Discord.
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