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Trading strategy for Bitcoin on September 4. Bearish divergence stops the growth of bitcoin

RSS feed for Forex Review 04.09.2019 at 11:51

Daily analytical reviews of the Forex market

Bitcoin 4 H .

the Most famous cryptocurrency in the world Bitcoin on Tuesday tried to continue the growth towards a peak of 20 August. But formed a bearish divergence at the CCI indicator allowed the quotes to the "cue" to stop the growth. Now I expect the depreciation of the BTC to the level of correction 61.8% - 10 256$, from which the growth started the day before. I still believe that in the current environment, fundamental factors in the growth of bitcoin a bit, despite the overwhelming predictions of cryptoexpert that predict the growth of almost$ 100,000 per coin. However, news that really would have caused additional demand for BTC or, on the contrary, the sale of "cue", no. Thus, I am more inclined to the option of consolidation under the level of Fibonacci 61.8% and further decline. However, this option, like any other, need to find confirmation.

it is Also an important factor for the possible fall of bitcoin in the coming days and even weeks is the fact that trading volumes are not growing in recent times, accordingly, the market has an influx of new investors. Missing and "hamsters" or investors-lived. The last important technical factor: beginning August 6, each subsequent peak of quotations is below the previous one, which means the weakening of the bulls in the market. Accordingly, much will depend now on the peak of 20 August. His breakthrough will give strength to bulls, and then Bitcoin could spike to 12 is$260.

background Information on bitcoin now empty. Yes, cryptocurrency can respond to the next fed meeting, on which Powell may again lower its key rate. Can respond to a new escalation of the trade conflict between the US and China, if it happens. Can respond to any geopolitical tension. But while this is not, and it is unlikely that the news of the kidnapping of 200 BTC with a modified bitcoin wallet is really interested traders.

the Fibo Grid built on the extrema of 17 July 2019 6 August 2019.

the Outlook for Bitcoin and recommendations traders:

Bitcoin has completed the consolidation above the level of Fibo 61,8%, but bearish divergence casts doubt on future growth. I recommend to sell the currency if it is made close under the 61.8% level - 10 256$, and bearish divergence is not canceled, with the goal 9 788$(76.4% of Fibonacci).

to Buy a bitcoin I recommend a target region 10907$ - 11089$ and Stop Loss level under 10256$ if will be closing over the peak of the bearish divergence at the CCI.

the Material has been provided by InstaForex company -