There is a new move that started for bitcoin. This time it is very volatile and I think it should recover to the previous monthly level of USD 9230 which has been tested twice on July 17th and then the 28th, and then finally lost in the big dump that happened on September 1st.
## Where we are at the moment? Where should we move next?
Moving near the 8500 USD monthly level seems that in the short term a trading with a channel is very likely until it moves to the previous 9230 USD level or retrace to the 7430 USD level. The newly generated levels from the daily time frame are being respected in the 4 hours which seems to be a good trading opportunity in the short term.
The upper level and probably the best indicator that the trading channel zone is over is around 8770 USD. On the other hand the lower level would be around 8100 USD and will probably indicate a even lower move towards the 7430 USD level. There is a channel that most likely be the accumulation zone where it would either move upwards after a time frame that points to the upper level at 8535 USD and the lowest level at 8340 USD.
## In the long run....
I think another important thing to consider is how the move crossed 3 trend lines that defined the previous wedge and the move prior the dump and how this can indicate a possible future target level in the accumulation phase holds and creates a new move.
## Where we are at the moment? Where should we move next?
Moving near the 8500 USD monthly level seems that in the short term a trading with a channel is very likely until it moves to the previous 9230 USD level or retrace to the 7430 USD level. The newly generated levels from the daily time frame are being respected in the 4 hours which seems to be a good trading opportunity in the short term.
The upper level and probably the best indicator that the trading channel zone is over is around 8770 USD. On the other hand the lower level would be around 8100 USD and will probably indicate a even lower move towards the 7430 USD level. There is a channel that most likely be the accumulation zone where it would either move upwards after a time frame that points to the upper level at 8535 USD and the lowest level at 8340 USD.
## In the long run....
I think another important thing to consider is how the move crossed 3 trend lines that defined the previous wedge and the move prior the dump and how this can indicate a possible future target level in the accumulation phase holds and creates a new move.
