BTCUSD to Test 3000 Again?
BTCUSDHead and Shoulders on the Daily Chart (1D) combined with all the FUD, RSI approaching under 30, and no bullish flip on the MACD suggests BTC is heading down. The question is, how low?
I believe although BTC has strong support around 3000, that support may break as Negative news from China continues to slam the price. Combine that with the Hard Fork expected in November, and we're looking at a double blow to what seems like an overall bearish month heading into October (just in time for Holloween).
That said, I expect BTC to find new support between 2500-3000 for the next month. With all the ICOs in play, if one were to time things correctly, you can trade Altcoins for more BTC, which should translate into more fiat when BTC climbs again. This will be my hedging strategy in the interim.
If you believe in BTC, it's probably best to trade for more BTC. However, if you are only trading Crypto for the short term, then you may want to consider your exit strategy, as I do not expect BTC to hit 5K again before the November Hard Fork.
As always, Happy Trading!
When all else fails, simplify. -Me
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!
Disclaimer
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