BTCUSD: Decision Time & Key Levels To Watch. Bear Flag Or Test Resistance? 29.09

[dragonvslinux]

Source: TradingView, September 29th 2019

Currently remaining neutral while expecting a big enough move in either direction to either retest the triangle resistance around $9,000, or continue moving downwards towards the bear channel support around $7,500, likely followed by a bear flag breakdown to $6,500. Bitcoin notably got rejected by the 200 Day MA on yesterdays closing candle with current support llined up at the 100 Week MA around $7,750, followed by the 50 Week MA at around $6,750.

4hr RSI with bullish divergence in tact but enough room to move down to $7500 with ease.
MACD losing bullish momentum and still in the negative.
CMF is barely positive. Overall, slightly bearish.

Related topic: If Bitcoin Repeats History? 5 Part TA Series On Descending Triangle Breakdowns

Own work: dragononcrypto

[yazher]

As of now, the price is still $8,000+ but sooner will go to under $8,000, if it doesn't increase in a few days.



Furthermore, If the price continues to fall we may not see the 10k mark again for a long time.
The good thing about it is we can buy Bitcoin at a lower price. If we have patience enough to hold it,
we can wait to sell it until the 3rd Bitcoin halving comes. that will surely give us a higher percentage to double our investment.
If the price of the Bitcoin that day will reach $16,000+.

[exstasie]

Currently remaining neutral while expecting a big enough move in either direction to either retest the triangle resistance around $9,000, or continue moving downwards towards the bear channel support around $7,500, likely followed by a bear flag breakdown to $6,500. Bitcoin notably got rejected by the 200 Day MA on yesterdays closing candle with current support llined up at the 100 Week MA around $7,750, followed by the 50 Week MA at around $6,750.

My opinion is we'll eventually test the lower pivots of the triangle and probably the apex ~ $10K as well. I think that'll be true even if this is the start of a new bear market.

Not yet though. Bulls don't look ready. On Bitfinex, shorts are also dropping and longs are rising......a bearish sign. Maybe we'll get some more weak grinding upwards above $8,400 but for any real move up I think we need a spring off a lower low.