On a 1-day scale, the market is too oversold: Stoch RSI has pushed its lower limit and is already starting to rebound, RSI in the oversold area, where it can also unfold. Below meets tight support near the level of Fin 0.786, within the cost of 4800-5000, but to decrease further to these levels without a visible correction of the fall (rebound or flat), the market can not, Bitcoin lost 29% of the value in just 17 days. In addition, the price is not the first time approaching the 6000 mark, it is very important that it does not go lower, which indicates good support at current levels. As long as the daylight candle did not close below this level, we still have chances for a further positive development scenario, otherwise closing the candle below will indicate the possibility of further decline.
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On a 1-week scale, MACD is attempting to reverse and take on a further bullish nature of the movement, RSI on the same scale is approaching the oversold area and is already near its recent minimum value this year (moreover, in this range it was in August -September 2015). In general, based on large scales, we can conclude that we can still decline a little, but the turn is very close.
Large scales indicate the possibility of starting a purchase, as we see a fairly large plum (without any correction), oversold and the possibility of an upcoming rebound, but also do not rule out the possibility to step lower and only after to form growth. Bitcoin is still subject to manipulation, an abnormal drain is caused by the desire of large players to enter the market, during a dump we see large volumes, but against this background we do not notice the purchase that top traders make. The upcoming ETF, which was postponed to September 30, may create a positive news background, under which the expected increase in price will be tightened. If the asset goes into the flat, it can be a good opportunity for impulsive growth of individual alts, the more stable the Bitcoin price is in this period, the greater the chance for the alts to show their capabilities.
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#ETH #IOTA #EOS #NEO #ONT #TRXWe recommend removing the stop order or moving it below, manipulating the straits before the expected growth is a frequent phenomenon and can knock the deal into a minus on the eve of growth. At the moment, top of alts looks too oversold and current prices are extremely low for any of the coins. After the weekend, at the beginning of the week we expect big players close short trades on BTC, opened from 8000 and, respectively, the subsequent rebound. Do not close the deals in loss, we are waiting for growth.
Note
#ETH #IOTA #EOS #NEO #ONT #TRXclose at current levels
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.