— Each bitcoin is, how low will you go?
— Where you say it, it will fall.
So right about now is the situation on the market. Of the main news for today:
1. The SEC has suspended trading in bitcoin notes (ETN).
Bitcoin ETN was the preamble for the start of trading of the bitcoin ETF on the U.S. market, the adoption of which persistently tightens the SEC, citing concerns over manipulation and poor market liquidity. Promises to resume trading on September 21 and September 30 must be a final decision on the ETF. If it is positive, it will attract to the stock market a huge influx of new investment, which in turn should have a positive impact on the growth rate as bitcoin in particular and the market as a whole. As one of the options (this is my opinion and you can disagree with it): suppose you have enough friend and insider information about the positive decision of the SEC. What will you do? Of course, drop the course as possible to purchase more. But, at the same time without causing panic in the market. Similar to the current situation? I think that is very. Why am I now writing about it? The answer is news number 2.
Happy birthday: https://bitnovosti.com/2018/09/10/sec-priostanovila-torgovlyu-bitkojn-notami-etn/
2. AI caught on Goldman Sachs manipulation bitcoin. Happy birthday: https://bitnovosti.com/2018/09/10/ii-pojmal-goldman-sachs-na-manipulyatsii-kursom-bitkojna/
Guys are clearly abusing their position (recall the crisis of 2008). Don’t count on fair play where are the ears of these comrades. Also let us add here an uncontrolled emission of USDT and manipulation from Bitfinex, and you get a very interesting picture.
Okay, enough poetry, I propose to look at the current situation and think about what the alternatives are.
The sideways pattern continues, as I expected. An important level is $6 000 — $5 800. Below for the bears opens the space up to $4 900.
So, the important support levels: $6 000 — $5 800, $5 400 — $5 200, $4 900
For me now all attention is on the movement inside the $200 6 — $6 458, where it formed a triangle, and, in the case of it breaking down $6 000 — $5 800.
Yesterday’s version with a correction to $6 700 — $800 until 6 remain in work, although there is no volume, as prerequisites for growth. Instead many of the shorts, then again, will be a great haircut with false penetration of levels. In a meat grinder to climb dangerous market maker will do everything to kick out the feet of most players.
As seen on the chart last forecast worked quite right, and now we can talk about the future prospects.
From the top of Alta from Ether there is a serious drawdown compared to full. And then there’s on the nose the transition to PoS with concomitant complication of mining. In General, afirca losing ground and there is an option that catching it will have much lower.
The next important support levels are at $170 and $136. So while maintaining bearish scenario for the market and further drop of the cue ball, we have a chance to see ether of these marks.
Target up/resistance: $200, $220, $250
She played well in the fall, adjusting the price to the 50% Fibo (from $132 to $223). On the chart we see the formation of the wedge, which acts as a resistance to the growth with the upper limit of the Keltner channel at $208.
Support: $160, $135, $120, $110
Target up/resistance: $208-$213, $223, $245, $278
If the decline continues, the price may go to the bottom of the wedge under $100.
Sikes confident has broken the support at $140 and continued to decline. The coin is now trading at $118, which is the lowest price recorded since the end of May 2017. It’s funny that sometime in the distant October 2016, the price of opening of trading on Bitfinex was $20,000. Just think!
Target up/resistance: $130, $150, $190 (Fibo 78,6%)
Support: $110 – this is the place where the support line is the lower boundary of the wedge, so that to some extent can contain the fall. Below is conveniently located Khai beginning of May 2017 for about $118, and further levels at $100 and $90.
All have a good week and profitable trades!