Bitcoin: Already the end of the pull back?

Buyers regained control of the market at the end of the day. Nevertheless, they have just been pushed back by the pivot at 6600 USD. 

 

Bitcoin

Highlight Keys

  • ETFs voted in September
  • overbought Stoch RSI 
  • RSI flipping

 

Our indicators are already declining, a drop to 6000 USD seems to be looming. 

Our analysis are entirely done on Binance charts

Bitcoin seems to be off again after a well-deserved pullback at the pivot point of $ 6600. If the support at 6144 USD comes to give, the correction will resume to lead us between 5800 and 6000 USD. On the contrary, if the support proves to be sufficiently solid, and therefore a double bottom is formed. Bitcoin may have finally found its bottom. The news of the last weeks are rather positive, a passage under the 5800 USD seems unlikely. However, for now, the trend remains bearish, better to remain patient, experts agree that the Bear market is coming to an end! 

How to take position?

It is necessary to wait a few hours to know if a double bottom is formed with the approach of the support to 6140 USD or if on the contrary the downward trend is confirmed. In case of redundancy, with a sufficient volume, it will be necessary to reposition itself on the rise.

Should we expect a new correction? 

It seems that the correction margin is limited now. The odds lean in favor of a rebound before the 5800 USD.

 

 

Niveaux clés  : 

  • Essentials resistances :   6500 – 6800
  • Essentiels supports :  5800 – 6000 – 6140

 

 

 

 

 

 


Disclaimer: This blog is only the showcase of my work. I expose to you all my personal analyzes, my personal trades, my personal investment decisions, or the positions that I judge good without taking them myself. We do not offer any investment advice and they are not trading instructions. Nevertheless, you are free to copy my judgments if you judge my work satisfactory.

It is important to note and understand that cryptocurrency trading carries serious risks. You can lose capital and more on some platforms. Take this into account and moderate your investment decisions. Never invest money that you can not afford to lose!

Reminder: The analyzes on the page cover a period of 12 to 48 hours and are optimized for Day Trading and not the long position. We give our long positions on our youtube channel.

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