Update curtiousy of PAID TRADING (DZ871)
āāš # BTC
Consolidation of the price of BTC in a narrow corridor stretched yesterday for a whole day. The pair has gradually narrowed the range of consolidation and tried to check the upper limit of the pennant last night.
Daily chart: in the long term, the pair BTC-USD is in a downward triangle bounded by a resistance line with touch points on March 4, May 4 and July 24, and support at the low of 2018 in the range of 5750-6100. Since the beginning of the year, bears have approached this 5 times support zone. In the event of a breakdown of the level, a panic sell-off of at least $ 5,000 will begin. The rebound from support will lead to testing of the slant resistance today at the level of 7500. The 50th EMA is well below the 200th EMA. Both moving averages are deployed down, the price is below the level of both mediums. All this signals a strong bearish trend.
8 hours: the stochastic on the eight-hour time frame is in the overbought zone. The signal for the decline has only just begun to form, but has not yet been formed. We can assume that the exit from the consolidation will be in accordance with our yesterday's forecast: the price of BTC will break through support of $ 6,090 and set a minimum below the psychological mark of six thousand dollars.
4 hours: a figure "flag" with a flagpole "length" of 900 dollars is formed. If the lower boundary of the panel breaks at the support level of 6140, the target of the movement will be the level of 5250 dollars.
Hourly graph: a symmetrical triangle is formed here. A break below support, which is currently at 6228, will lead to a breakout attempt below the level at 6125 (September 8 low).