BITCOIN | Market Situation Review

28 авг. 2019 г.

As was already said a week prior - we await autumn. News about the chinese cryptocurrency and the long-anticipated TON are approaching.

1W - weekly chart:
Even though the previous week closed with a red candle, the volume continues to descend. Above we hit the correction level of 38.2%.
Important support levels: $9700/$9400/$9100
Important resistance levels: $10900/$11500/$13000

1D - daily chart:
Here the forming triangle is seen clearly, within the boundaries of which we are approaching the climax.
Candle formations: days are shifted by bearish or bullish absorption. However, the volumes are still in decline.
Important support levels: $9700/$9400/$9100
Important resistance levels: $10600/$10900/$11200

1H - hourly chart:
On a smaller time frames, we observe flat inside the boundaries of the triangle. It was shattered only by the first hour of the opening of the new week, when we saw an impulsive BTC increase of ~7%.
Important support Levels: $10000/$9700/$9400
Important resistance Levels: $10400/$10600/$10900

BTC is close to a climax. In the next couple of weeks we are waiting for a way out of the triangle. Currently, conservative trading is preferable - to wait for a breakthrough and work according to the emerging trend.

That impulsive growth from August 26 to the level of $10800 is very similar to an impulse on October 15, to the level of $6800. You should recall that after this the flat began. A month later we saw an impulsive breakthrough of the level of 6000. At the moment the situation escalates in an identical way: there was a strong impulse, more than half of which was immediately absorbed, and then a flat follows.

So do not exclude the possibility of a resurgence of this scenario - following the level of $9100 there are a large number of LONGs stop losses, on which we can plummet down. This scenario will canceled by a sequential breakthrough and consolidation above the levels of $10900- $11500 - $12300.