Bitcoin Little Changed, What’s Next? September 11, 2018

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Bitcoin seems bloodless on the Daily chart, but personally, I still believe that we’ll have a significant movement very soon. Price is trading at 6281.2 level, but it is still expected to approach and reach the 6000 psychological level again.

Bitcoin continues to move in range on the Daily chart. It is narrowing, but it cannot move like this for too long, so you should be ready for an aggressive move. Price continues to be trapped within a major chart pattern, so maybe will be better to stay away and wait for a  valid breakout.

Bitcoin decreased after the failure to stay and stabilize above the outside sliding line (SL) of the major ascending pitchfork and after the failure to reach and retest the upside 50% Fibonacci line of the descending pitchfork.

It has slipped below the 6425 static support, but it has failed to reach the 6000 psychological level. You can see that the sellers have sent the rate below the first warning line (WL1) signaling a further drop. I’ve told you in the previous reports that a valid breakdown below the WL1 could send the rate below the 6000 psychological level as well. However, we still have to wait for a valid breakdown below the 6000 level before we can go short again.

Price has made two false breakouts from the descending triangle, so a potential breakdown is somehow favored. It remains to see what will really happen because the rate has failed to stay below the median line (ml) of the descending pitchfork and to approach and reach the downside 50% line again.

A valid breakdown from the descending triangle, below the 6000 psychological level and below the median line (ml) if will give us a great chance to go short on Bitcoin again. The next downside target will be at the 50% Fibonacci line, while the second one could be at the WL2.

However, I want to talk about a bullish movement as well. We may have another leg higher if the rate will make a false breakdown below the near-term support level of if it will fail to reach them. A larger upside movement will be confirmed maybe after a valid breakout above the downtrend line (upside line of the descending triangle) and above the upside 50% Fibonacci line of the descending pitchfork.

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