Cryptocurrency Analysis

[IFX_Selena]

Bitcoin trading strategy for September 2: A good opportunity to sell bitcoin

4H - Bitcoin

Bitcoin was quiet and calm at the weekend. After the quotes of the "cue ball" closed below the Fibo level of 38.2% - 9566%, the bears decided to take a short pause, and the cryptocurrency went into a two-day correction. However, now we have a brewing bearish divergence near the CCI indicator and a possible rebound from the correction level of 76.4% at $9788, from which BTC had already performed two rebounds, as well as finding the cryptocurrency near the top line of the trend equidistant channel (which in itself is a good place for sales). Thus, I expect the cryptocurrency to close below the Fibo level of 38.2%, which will confirm the intention of traders to resume sales of the main cryptocurrency on September 2. From my point of view, it will be possible to buy bitcoin not earlier than closing above the trend channel and a correction level of 61.8% at $10,256.

At the same time, the famous technical analyst, John Bollinger, who created the indicator of the same name, warns traders about a possible global reversal. According to him, the signal for a long-term decline has not yet been confirmed but everything is going to ensure that Bitcoin will begin to fall in the coming weeks. The potential reduction is $4000 - $5000. Also, John Bollinger notes that the bulls have about a week to change the situation. If this week becomes "bullish", then change in scenario is possible. In turn, we can add that in order for the week to become "bullish" and a close above the trend channel and the level of $ 10256 is just necessary.

The Fibo grid was built at the extremes of July 17, 2019, and August 6, 2019.




Bitcoin Forecast and recommendations for traders:
Bitcoin has completed preparing for a new drop in value. I recommend selling cryptocurrency if there is a rebound from the level of 76.4% at $ 9788 with targets of $9020 (100.0% Fibo) and $8337 (50.0% Fibo senior).

I recommend buying bitcoin with a view to the area of $10907-$11089 with a Stop Loss at the level of $10256 if closing occurred above the correction level of 61.8%.




Performed by Samir Klishi
Analytical expert
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