BitcoinCorto
23.09.2019 - BTCUSD Technical analysis
Hello everyone,
Following the previous TA, which was provided on the 18.09.2019, I would say the sentiment has shifted to bearish. Unfortunately, the Bakkt fundamentals did not fuel the bullish expectations and in fact it barely had any effect on the BTC price whatsoever. Even the hype behind institutional money entering the crypto ecosystem and causing mainstream adoption of crypto among financial institutions could not help at the initial Bakkt launch this night. Maybe it could kick in at a later stage, we shall see.
Putting Bakkt aside, we have the following situation. The BTC price has been trading below todays opening price of $10,036 causing our stoch RSI to go south across most timeframes (1H, 2H, 4H, 1D). As I have mentioned before, failure to keep the psychological level of $10,000 would lead us towards next area of support of $9,450 - $9,000. The sentiment indeed shifted towards bears and I would consider entering short positions at various levels to diversify the pull back risks. 4H death cross also indicates short term price decline, on average we could experience the death cross from 2 to 3 weeks until it regains the golden cross and we are just in the beginning of this one. The lack of trading volumes and volatility are not helping and in fact adding more uncertainty over the future price expectations.
A quick look at the 19.09.2019. The dip and the following pull back seemed more like a market manipulation, due to the fact that psychological level of $10,000 has been completely ignored and the reverse point of $9,600 did not make much sense. The upwards correction shortly after the dip has returned to mean and BTC carried on trading at previous levels. Therefore I will still stick to my observations in the previous analysis.
Meanwhile, I hope more trading volumes will come in and determine a clearer situation over the market, but for now I would stay bearish unless 10k is regained.
I would like to mention that this is not a financial advise but rather an observation of the market. Trade carefully and at own risk.
All the best! Trade safe!
Following the previous TA, which was provided on the 18.09.2019, I would say the sentiment has shifted to bearish. Unfortunately, the Bakkt fundamentals did not fuel the bullish expectations and in fact it barely had any effect on the BTC price whatsoever. Even the hype behind institutional money entering the crypto ecosystem and causing mainstream adoption of crypto among financial institutions could not help at the initial Bakkt launch this night. Maybe it could kick in at a later stage, we shall see.
Putting Bakkt aside, we have the following situation. The BTC price has been trading below todays opening price of $10,036 causing our stoch RSI to go south across most timeframes (1H, 2H, 4H, 1D). As I have mentioned before, failure to keep the psychological level of $10,000 would lead us towards next area of support of $9,450 - $9,000. The sentiment indeed shifted towards bears and I would consider entering short positions at various levels to diversify the pull back risks. 4H death cross also indicates short term price decline, on average we could experience the death cross from 2 to 3 weeks until it regains the golden cross and we are just in the beginning of this one. The lack of trading volumes and volatility are not helping and in fact adding more uncertainty over the future price expectations.
A quick look at the 19.09.2019. The dip and the following pull back seemed more like a market manipulation, due to the fact that psychological level of $10,000 has been completely ignored and the reverse point of $9,600 did not make much sense. The upwards correction shortly after the dip has returned to mean and BTC carried on trading at previous levels. Therefore I will still stick to my observations in the previous analysis.
Meanwhile, I hope more trading volumes will come in and determine a clearer situation over the market, but for now I would stay bearish unless 10k is regained.
I would like to mention that this is not a financial advise but rather an observation of the market. Trade carefully and at own risk.
All the best! Trade safe!
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