Bitcoin Weekly Update #3

bitcoin update

This analysis is intended for swing traders or medium-term investors. As a reminder, swing trading is a strategy of speculation in financial markets where an asset is held only for a few days to take advantage of price fluctuations. In this analysis, which you will find every week, I will detail my vision of the market and more specifically the one of Bitcoin. In addition to a technical analysis, I will summarize 3/4 of the news that impacted the market.

And the crash occurred.

Scenario 2 presented in my last analysis was perfectly achieved: the triangle broke down.

This scenario was against the probability seen in the weekly analysis #1.The goal? Mislead the “majority” of traders/investors by letting panic and fear take hold of their emotions. And that’s exactly what happened. Since then, the “panic” analyses announcing the Bitcoin at $3000 have reappeared on Twitter… as we get used to it. I am not here to make unfounded predictions but more to educate you and convey my vision and scenarios.

It should also be noted that the large “Liquidity Gap” highlighted on last week’s chart has been filled. As a result, the $8500 gap on the CME Bitcoin futures contracts is now closed. If you are interested in the impact of Bitcoin CME Futures, I invite you to read my article on this subject. For the more experienced, you will notice that in 4-hour timeframe there is still a gap to fill for Bitcoin between 7200$ — 7800$ and this is one of the reasons that pushes me to think that the fall is potentially not finished.

bitcoin graph
Bitcoin CME Futures

Ideally, I would like to see a consolidation in the area where we are currently with a rebound on the light blue area on the graph, between $7000 — $7600, and then gradually continue on the bullish trend that the Bitcoin has started since April.

From a technical point of view, the daily RSI is still over-sold and I am waiting for the MACD bullish crossing. This could take several days, it will take patience. You have to monitor the market, choose the scenario that is most likely to occur based on your own analyses/indicators and play it.

Don’t forget your stop-loss, good money management is the basis of all trading. If you do not have all the knowledge on this subject, I invite you to read this article.

bitcoin graph 2
https://www.tradingview.com/x/o1Lt2VmA/

News:

  • Binance US opens deposits

After launching, Binance US has entered phase two and now allow US citizens to deposit ADA, BAT, ETC, XLM and ZRX. The trading for the said cryptos will be opened at 9:00 EST September, 25th, 2019.

  • Upbit delists privacy coins

In the recent notice, Upbit will end their support for various privacy coins in September, 2019 due to money laundering concern. The list includes: XMR, DASH, ZEC, XHV, TUBE and PIVX.

  • Ukraine legalizing cryptocurrencies ?

For now, cryptocurrencies are not banned in the country but they do not have any official status. However, this should change quickly. Indeed, with the newly elected president : Volodymyr Zelensky, the ministry announced that they would work on legalizing cryptocurrencies. Moreover, they would be developing a brand new registry system fully integrating the Blockchain technology.

  • ECB & Digital Euro ?

Mario Draghi, laid down his views on cryptocurrencies and their future in the financial sector in a letter addressed to Eva Kaili (member of the EU parliament). Draghi notes that digital assets and stablecoins are currently under investigation for their potential in “monetary policy, the safety and efficiency of payments and market infrastructures and the stability of the financial system.”

Nico, analyst at 4C-trading.

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1 thought on “Bitcoin Weekly Update #3”

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