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When we start on Monday 17 September, it certainly seems like a deja vu for me. We continue to see the same Bitcoin price of 6100 to 6500 that we have seen throughout the year. This is where Bitcoin spent most of 2018. While some are disappointed, I consider it positive. Bitcoin has been able to maintain the value and a floor seems to have been established. The shorts had the opportunity to lower the price when Ethereum was under $ 180 and Bitcoin kept its own. Also, talking to guys on the OTC desks and the feedback I'm getting is that there are a lot of short films covering the 6100 level and many buyers come out of the joinery.
Looking at the daily price chart of BitMex because that's where I trade to take advantage of leverage opportunities and you'll see the wedge get tighter. We'll see a breakout in one way or another. While I think it will be on the upside, we can not rule out the downside, especially when I look at the 4-hour chart.
My only concern right now is the weather. If you look at the 4-hour chart, we've been hovering near the 6500 resistor for quite a while. We had 2 momentary selloffs in which the stops were made. The lows of 6350 and 6330 came into play. What I am looking at downwards is the double double 6100 on the 4 hour chart. If we take the 6100, the downside can become quite aggressive and we could see new lows for the year
Ethereum
Ethereum he had a good rebound from the lows and he met with resistance to 230. At the time of writing this article, Ethereum is trading at 215. As long as we stay above 200, we should be fine. The market that consolidates above 200 is positive and we believe we have seen the lows. I could be wrong, but I bet accordingly and I'm a long time Ethereum.
As you can see from the 4 hour chart above, the market is at the turn of level 220 in much the same way as Bitcoin it straddles the 6500 level. The market is consolidating and there is a lack of momentum from bulls or bears to press prices.
When there is a lack of momentum, I call this neutral zone. If one does not already have a position, it is better to stand on the sidelines. Let the market find its direction and then jump on it.
Bottom line
I just want to point out that nobody really knows where the cryptography prices are going. Price forecasts are just hot air and noise. Ignore him! Focus on the market and the price. While I am convinced that the minima are inside and we are above the low ones, this does not mean that I will be right. The market can become a dime and we could fall. If this happens, I will be blocked and I will try to go too short or I will wait and I will try to buy it at lower prices. I have to look at the market and this will determine my next moves. Right now, I'm long but nervous. The stops are okay. Switch accordingly.
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Disclaimer: This article should not be taken as and is not intended to provide investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. This author is a long Bitcoin and Ethereum. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
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