BTC to Break Downtrend with a $9k Target


The flagship crypto is not giving up yet. Bitcoin has refreshed its energy as it targets new heights in its escape from the current downtrend that seems to haunt it. But when can we expect the price to start hitting the right targets? Well, traders will have to wait some more before some encouraging results start showing.

What Is the Next Critical Point?

Currently, we are still in a midterm target, and the past few days have had bitcoin trying to recover in a consolidation between marked descending trend-line on the 4-hour chart and $8,200. It seems like another mini bearish triangle all over again. With no momentum shift, there is a possibility of a death cross becoming real.

What to watch out for when tracking bitcoin’s move.

Support or resistance. Above $8750- $8800 resistance level is an area that contains a 38.2% Fibonacci retracement level. $9000 is the next resistance target. The real test for a bull is located between $9,400 and $9,500. The area contains the ascending trend line of the famous 2019 bearish triangle.

As for the RSI indicator, there is nothing new. The stochastic oscillator made a cross over in the neutral area, and it just might add some fuel to break the critical resistance levels.

Now, since the huge breakdown a week ago. The total volume has been on the decline. The volume still decreases with time, and it resembles the dull days of the first two weeks of September. Its probably an indicator of an upcoming short term going up move.

An Upward Correction Is Still Possible

The user Phi-Deltalytics claim a potential upward correction for bitcoin with a good risk-reward ratio. But the market is always full of surprises. Here are some four standard essential confirmations for entering significant positions in targeted zones.

The RSI goes to overbought and oversold territories.

RSI goes on a bullish divergence.

MACD goes on a bullish divergence.

RSI holds or fails its EMA and SMA.

The chart from money guru shows the possibility of an AB=CD pattern. It means bitcoin might reach the final bottom $&.3k in October and start rising in November.


Bitcoin’s Bullish Divergence

Does it have a chance at rising exponentially this year? If you look at the chart, you will find that the first hidden bullish divergence has been fulfilled from the bottom $3341 to a high of $13868.

The second and hidden bullish divergence is coming from the bottom of $7701 to the high of $18240 which is yet to be fulfilled.

Does it mean that bitcoin will fall further in October before it starts stabilizing? It seems that way for the moment as all bitcoin forecast shows this.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share via