Bitcoin Still Bloodless September 20, 2018

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Bitcoin is trading in the green right now, but it continues to be trapped below some very important and strong dynamic resistance levels. The next days could be crucial because the rate cannot move like this forever. Price is narrowing on the Daily chart, but you should be ready for a breakout in the upcoming days. We have to wait for a valid breakout before we take a position. Personally, I really hope that we’ll have a clear direction very soon.

I’ve told you in the previous report that the rate is still expected to reach the 6000 psychological level. It has failed to touch this level till now, but as I’ve said higher, you should stay away and wait for a valid breakout or breakdown.

You can see that the rate has increased and now is pressuring the 6425.4 static resistance. It has erased the morning losses and now is trading in the green, but it remains to see for how long because a failure to make a valid breakout above the mentioned obstacle and above the downtrend line (upside line of the major chart pattern) will send the rate down again.

Price has failed to test and retest also the median line (ml) of the descending pitchfork signaling an oversold. I’ve told you in the previous weeks that we’ll have a great selling opportunity only if the rate will make a valid breakdown below the 6000 psychological level and below the median line (ml) of the descending pitchfork.

A buying opportunity will appear only if the rate will continue to increase and will make a valid breakout above the downtrend line (upside line of the descending triangle), above the WL1 and most important above the upside 50% Fibonacci line of the descending pitchfork. You should know that a further drop will force the crypto market to crash again, while a Bitcoin’s increase will help the other cryptocurrencies to increase as well.

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