9.23 BTC Market Analysis
Bitcoin is currently in a high-level sideways consolidation with a gradual adjustment. The larger trend (3-day line level) has not finished its upward move yet. At the moment, there is no visible waterfall or big bearish-candle selloff pattern. We need to wait for 12 hours, or for the daily-level MACD to form a high-short (overhead) pattern before shorting—this would feel the most comfortable.
Within the day, watch for a MACD high-to-death cross on the 3/2 hour chart, and if the price has not broken down below support on the 30-minute chart. We also need to wait for a 15-minute upward “needle” move that pulls out the short opportunity.
Resistance above: 87385, then 87608, 88390, 89260
Support below: 85324, 84626, 83717, $BTC
Bitcoin is currently in a high-level sideways consolidation with a gradual adjustment. The larger trend (3-day line level) has not finished its upward move yet. At the moment, there is no visible waterfall or big bearish-candle selloff pattern. We need to wait for 12 hours, or for the daily-level MACD to form a high-short (overhead) pattern before shorting—this would feel the most comfortable.
Within the day, watch for a MACD high-to-death cross on the 3/2 hour chart, and if the price has not broken down below support on the 30-minute chart. We also need to wait for a 15-minute upward “needle” move that pulls out the short opportunity.
Resistance above: 87385, then 87608, 88390, 89260
Support below: 85324, 84626, 83717, $BTC
