BTC Update - September 8th, 2018
• As is typical of most weekends, we're seeing significant lack of trade volume across most of crypto.
• This weekend, however, we're seeing a very sharp drop in trade volume considering the level of activity just a few days ago.
• Bitcoin seems to be consolidating in the crossing area of an ascending channel and a descending one.
• Currently, we're trading below the EMAs, with bearish EMA crossing on the 12h period.
• Both EMAs are moving sideways in the middle of the consolidation zone. To me, this suggests a choppy market for the next few days as we bounce around this range.
• A bullish breakout would have to test the 7450 resistance. Long entries would be on the retest of the breakup from the descending channel.
• A bearish breakout would have to test the 5850 support. Short entries would be on the retest of the breakdown from the ascending channel.
• There is also no visible divergence on RSI, lowering my confidence in any potential trend reversal at this point.
• Overall, I'm bearish-neutral on BTC at the moment.
• This weekend, however, we're seeing a very sharp drop in trade volume considering the level of activity just a few days ago.
• Bitcoin seems to be consolidating in the crossing area of an ascending channel and a descending one.
• Currently, we're trading below the EMAs, with bearish EMA crossing on the 12h period.
• Both EMAs are moving sideways in the middle of the consolidation zone. To me, this suggests a choppy market for the next few days as we bounce around this range.
• A bullish breakout would have to test the 7450 resistance. Long entries would be on the retest of the breakup from the descending channel.
• A bearish breakout would have to test the 5850 support. Short entries would be on the retest of the breakdown from the ascending channel.
• There is also no visible divergence on RSI, lowering my confidence in any potential trend reversal at this point.
• Overall, I'm bearish-neutral on BTC at the moment.
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