Cryptocurrency Analysis

[IFX_Selena]

Trading strategy for Bitcoin on September 3rd. Above $11000, it will be hard to leave bitcoin

Bitcoin – 4H.


Yesterday, Bitcoin was completely not part of the planned scenario. The brewing bearish divergence was canceled, the rebound from the correction level of 76.4% ($9788) did not happen, but the closure over the upper line of the downward channel was performed. One good thing is that there was no signal in the form of a rebound from the Fibo level of 76.4%, therefore, Bitcoin should not be sold. At the moment, the quotes of "cue" have consolidated above the level of correction 61.8% ($10256), which allows traders to expect continued growth in the direction of the level range of $10907 - $11089. However, there is also a new bearish divergence (brewing) in the MACD indicator, which allows you to expect a reversal down and some fall in the direction of the correction level of 76.4%. Based on this, buying bitcoin right now is not recommended.

Yesterday, I talked about the opinion of John Bollinger, who believes that there is a high probability of the beginning of a long-term downward trend in bitcoin. However, the creator of the well-known indicator of technical analysis also admitted that if the bulls show their pressure this week, then the fall in BTC will be postponed indefinitely. Now, Peter Brandt, a well-known trader and technical analyst, expressed his opinion on the prospects of the "cue ball". In his Twitter, he said that there are grounds to claim that the price has entered the fourth cycle of parabolic growth, and now is the last days to buy BTC at a low price. Brandt immediately issued another super-optimistic forecast, stating that the ultimate goal of parabolic growth is $100,000. A few years ago, no one could have imagined that "bitcoin" will reach the level of almost $20000. So the long-term forecast of $100,000 may come true someday. I still believe that the analysis of bitcoin should primarily use technical indicators. And they do not yet give reason to assume such strong growth. Though, maybe, in the next few days, the situation will change.

The Fibo grid is based on the extremes of July 17, 2019, and August 6, 2019.


Forecast Bitcoin and trading recommendations:
Bitcoin performed a consolidation at the Fibo level of 61.8%, but bearish divergence casts doubt on further growth. I recommend selling cryptocurrency if it closes at 61.8% ($ 10,256), and the bearish divergence is not canceled, with the target of $9788 (76.4% of Fibonacci).

I recommend buying bitcoin with the target area of $10907 - $11089, and with a stop-loss level of $10256, if MACD closes above the bearish divergence peak.




Performed by Samir Klishi
Analytical expert
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