Bitcoin Analysis (BTCUSD) 03/09/18

Hello World,

In this post we will have a look at BTCUSD on Bitfinex and talk about the trend and upcoming moves.

Big Picture

Following a higher low on the weekly chart in mid-August we have been moving upwards testing 21EMA (black) and closing below it. This indicates to me a continuation of the Bear trend for the time being.

Closer Look

Looking at the smaller time frame (4h) we are travelling in an ascending channel following a big move down. With a bearish divergence on the 4h on RSI and MACD (as well as hitting horizontal resistance and ascending resistance line, I am expecting a pullback at least of corrective nature. We are also reaching the apex of a bigger triangle so if this correction would form a higher low again we will be potentially looking at a triangle breakout and maybe going with a more bullish view from there on.


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*** Legal Disclaimer***: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs.