BTC: prepare yourself for significant pullback. September's here
The live Bitcoin price today is $47.484,57 USD, -0,10% in the last 24h, with a 24-hour trading volume of $33.399.961.250 USD.
Since the 20% correction of 7th September, BTC price found its support at 42.7k level and it is now already up 10%. After multiple times testing the support represented by the lower band of the Keltner channel, on 13th September price broke to the upside and it’s now approaching the upper level of the channel, our short entry price.
Historically in fact, whenever the price hit these levels, it immediately started a reversal pattern, therefore, being now the price close to the upper band I expect a pullback to test lower support levels.
Indicators are also pointing out to a possible correction in the next few days: RSI is almost overbought (65), volumes are decreasing and MACD looks ready to cross below the trendline. I expect the price to increase up to 48k-50k, for later undergoing an even more significant correction compared to the latter. September in fact has always been a particular bearish month for crypto markets, with corrections up to 35%. This is why I expect to price to retrace at least up to 0,5 level of Fibonacci retracement tool. Never the less, RSI divergence is 19 and prices are still above all moving averages, therefore as the trend still looks bullish with price above 200EMA scalpers/ swing traders can still consider taking a long position up to when the bearish fractal appears. For short term/futures traders in fact it can be profitable to open a long position before undergoing short, targeting lower support levels. More risk adverse traders could instead consider going short when the confirmations appear, so wait for the bearish fractal (green triangle) as well as for the confirmation of increasing volumes.
A bearish fractal occurs when there is a high point with two lower high bars/candles on each side of it. The indicator isolates potential turning points on a price chart. A bearish fractal signals the price could move lower.
POSITION: short
ENTRY PRICE: >47.8 k
TARGETS: 45.7k / 43.7k / 42k / 41k / 38.7k
STOPLOSS: 49.7k (¬ 3%)
It can happen that after retracing from the upper level of the Keltner channel, the price finds support on the moving average, our first target (middle blue line). If this is the case I would personally consider taking profits and going long after the confirmations (bullish fractal and RSI).
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NOT FINACIAL ADVICE
Since the 20% correction of 7th September, BTC price found its support at 42.7k level and it is now already up 10%. After multiple times testing the support represented by the lower band of the Keltner channel, on 13th September price broke to the upside and it’s now approaching the upper level of the channel, our short entry price.
Historically in fact, whenever the price hit these levels, it immediately started a reversal pattern, therefore, being now the price close to the upper band I expect a pullback to test lower support levels.
Indicators are also pointing out to a possible correction in the next few days: RSI is almost overbought (65), volumes are decreasing and MACD looks ready to cross below the trendline. I expect the price to increase up to 48k-50k, for later undergoing an even more significant correction compared to the latter. September in fact has always been a particular bearish month for crypto markets, with corrections up to 35%. This is why I expect to price to retrace at least up to 0,5 level of Fibonacci retracement tool. Never the less, RSI divergence is 19 and prices are still above all moving averages, therefore as the trend still looks bullish with price above 200EMA scalpers/ swing traders can still consider taking a long position up to when the bearish fractal appears. For short term/futures traders in fact it can be profitable to open a long position before undergoing short, targeting lower support levels. More risk adverse traders could instead consider going short when the confirmations appear, so wait for the bearish fractal (green triangle) as well as for the confirmation of increasing volumes.
A bearish fractal occurs when there is a high point with two lower high bars/candles on each side of it. The indicator isolates potential turning points on a price chart. A bearish fractal signals the price could move lower.
POSITION: short
ENTRY PRICE: >47.8 k
TARGETS: 45.7k / 43.7k / 42k / 41k / 38.7k
STOPLOSS: 49.7k (¬ 3%)
It can happen that after retracing from the upper level of the Keltner channel, the price finds support on the moving average, our first target (middle blue line). If this is the case I would personally consider taking profits and going long after the confirmations (bullish fractal and RSI).
_____________________________________
NOT FINACIAL ADVICE
Trade active:
Price found resistance exactly at the entry level spotted yesterday and it is now decreasing, exactly as predicted. I expect the asset to reach the middle trend line of Keltner channel, i.e $ 46.5k, within the next 24h.
Negative RSI divergence (-8.9) and MACD ready to cross below the trendline confirm the short hypotesis.
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NOT FINACIAL ADVICE
Negative RSI divergence (-8.9) and MACD ready to cross below the trendline confirm the short hypotesis.
_____________________________________
NOT FINACIAL ADVICE
Trade active:
Bearish divergence played out and today, 20 th Sept, we reached the 3rd short target, with +12% profits for spot traders.
On 4h time-frame the asset is oversold so we can expect a quick pullback, but the general trend is still bearish. In fact on daily timeframe RSI is now at 40 and still decreasing, as bullish fractal still has not appeared, and MACD is still under the trend line.
Moreover, price crossed below 20/50 and 100 days EMA and is now approaching to test 200 EMA support, which would correspond to our 4th target.
We expect in fact the asset to test 42-40k area, with a possible fakeout up to 38k, for later reversing into a bullish pattern again.
wait for confirmations and trade as per your own risk.
_____________________________________
NOT FINACIAL ADVICE
On 4h time-frame the asset is oversold so we can expect a quick pullback, but the general trend is still bearish. In fact on daily timeframe RSI is now at 40 and still decreasing, as bullish fractal still has not appeared, and MACD is still under the trend line.
Moreover, price crossed below 20/50 and 100 days EMA and is now approaching to test 200 EMA support, which would correspond to our 4th target.
We expect in fact the asset to test 42-40k area, with a possible fakeout up to 38k, for later reversing into a bullish pattern again.
wait for confirmations and trade as per your own risk.
_____________________________________
NOT FINACIAL ADVICE
Trade closed: target reached:
As expected, BTC undergone a significant pullback up to our 4th target (41k) for later undergo a bullish reversal: it is now exchanged at 50k area.
New SHORT idea will be uploaded soon.
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NOT FINACIAL ADVICE
New SHORT idea will be uploaded soon.
_____________________________________
NOT FINACIAL ADVICE