Context: Since the beginning of August, the price of Bitcoin is consolidating in a range defined by a key support(green zone).
*Note that the bottom of the support zone is defined by the 78.60% fib retracement level of the December 2017 Bull Run.
Opportunity: The consolidation can be also seen as an accumulation. This accumulation can lead into drastic price movements. As you can see on the chart, my forecast is that the price will drop to the next support zone below just before the next bull run. The price will drop on the upper support of the support zone and will bounce on the green oblique support. Chronologically talking, my TA tells me that this price movement will happen at the end of September and at the beginning of October. In my opinion, these price movements will be powerful and fast. We need this selling volume to have a powerfull movement in the opposite direction too.
Confirmation: We will get a confirmation of this forecast when the RSI indicator will get below 30, at his oversold level, and crosses back to the 30 dotted line. I expect the MACD to cross upward to confirm the trend.
Invalidation: This TA will get invalidated if the price bounces hard on the blue fib level and that the Bitcoin price gets over his green support zone.
*Note that the bottom of the support zone is defined by the 78.60% fib retracement level of the December 2017 Bull Run.
Opportunity: The consolidation can be also seen as an accumulation. This accumulation can lead into drastic price movements. As you can see on the chart, my forecast is that the price will drop to the next support zone below just before the next bull run. The price will drop on the upper support of the support zone and will bounce on the green oblique support. Chronologically talking, my TA tells me that this price movement will happen at the end of September and at the beginning of October. In my opinion, these price movements will be powerful and fast. We need this selling volume to have a powerfull movement in the opposite direction too.
Confirmation: We will get a confirmation of this forecast when the RSI indicator will get below 30, at his oversold level, and crosses back to the 30 dotted line. I expect the MACD to cross upward to confirm the trend.
Invalidation: This TA will get invalidated if the price bounces hard on the blue fib level and that the Bitcoin price gets over his green support zone.