Bitcoin (BTC) is more than up to $10,000. What will the market do next?
In the last analysis, Bitcoin is exactly what will be in line with the expected lag. There is also a beautiful bottom, formed on a current low of $9.400. After that, a reversal took place, and the price is above the $10,000 will increase with a current price of $10.600.
This is the price to be within the short-term downtrend, and is, therefore, a lower high is formed. A difficult to be given. Where there is a strong bottom-seems to be present, there is also a bearish pattern is formed.
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Bitcoin analysis
That is, the price of bitcoin since the middle of June and a downtrend is starting at $14,000 each, it is well-known. However, we are already in, and the range is getting smaller and smaller and smaller and smaller.
As long as this continues to go on, we can still at least a month at the range to keep going. The longer it takes, the greater the ultimate reaction will be. It is always better to watch out for the big move.
Bitcoin daily chart: September 5, 2019Als, we have the daily chart there is the current one is clearly to be seen in conjunction with the red lines. It seems to be bearish, with successive lower lows. We are also slowly starting to see a clear pattern emerge that is called a “Descending Triangle”.
The triangle is made up of a row of lower highs and a support line at the bottom, which doesn’t seem to be able to break it. And let us now the exact pattern seen here.
In the majority of cases, the price finally broke the support around it, and down the road continued before there was a big drop down. However, it may be the opposite to happen and the downtrend to go have a blast.
What a great move it up to them. However, in the majority of cases, the way down is more straightforward in this model. It was not until one of these events, then you can put it into action.
The 1-hour chart
A little bit further zoom in to the 1-hour chart, we can see a perfect motion between the weekly fibonacci pivot points. The price last week for a hit on the S78 and a reversal up is made, you will see the same thing in the end.
The price touches one of the two major resistance lines on the R61. And it seems to be a turning point for another move down. This is consistent with the Descending Triangle is a pattern to make a lower high.
Bitcoin 1h chart: September 5, 2019 at the latest
What does bitcoin have to do?
Both the short-term to long-term, it looks like that we will be within the current range, continuing to move. A move down seems to be the major candidate, if the pattern of behavior as well as in most of the cases. However, you have to take care of and the price can be quite different to moving in and at the top break.
Tight stops just beyond the support and resistance lines are the most secure options in order to be able to do it. High volatility can also have both sides of the chasm below. So, take a look with this sort of calm the markets and ensure a proper risk management.
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