BTC Update 1st Oct

Update curtiousy of PAID TRADING (DZ871)

​​📈 # BTC

Yesterday, on a declining volume, the BTC price tested zero Fibo level of 6615.00 USD. Today, the volume of trading did not change significantly and the re-test was repeated.

The daily chart: the trading range continues to narrow. If during the month of September this was a corridor between 6850 and 6150 (700 dollars), then in the last decade of the month, trade narrowed to a range of $ 310 between the levels of 6760 and 6450. Based on the theory that "the longer the consolidation, the sharper and the breakthrough will be more volatile, it is necessary to be ready for a strong, directed movement of bitcoins.

Technically, the pair is still in a bearish trend, but there is a very strong level (6000 dollars), which creates an insurmountable barrier for the bears. In addition, the qualitative change in infrastructure and perception of the Crypto-currency is growing, which in the end must be expressed in quantitative changes in the market.

The four-hour schedule: the trade is conducted above the 200th and 50th EMA, and the price of bitcoin does not fall below the support of 6550 for the second day. Break through resistance 6660 will lead to testing the levels at 6800 (local maximum on September 28). The bullish figure "ascending triangle" is being formed.

Time schedule: on Sunday, trade took place in a narrow 100 dollar corridor. The pair BTC-USD is above the moving averages, supporting at levels 6600 and 6570. The picture is uncertain, a breakthrough is equally probable in both directions.

We believe that the top line of the triangle (6730) will be a strong resistance for the price of BTC, the breakthrough of which would mean an increase in bullish presence in the market.