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Bitcoin/USD 07.09.2017
Chinese ICO ban was this week’s hot topic. The news hit the market and it instantly reacted. Bitcoin looked stronger than the rest of the market but was going down as well.
The $4400 support level was easily hit, even though it used to be a key level in August.
Current situation:
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Since the downfall was caused by the big news, the resistance zones did not work out. As a result, a local $4400 support zone has been formed.
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Following the news, BTC hit a strong uptrend line. A strong downtrend formation could have started, but the price has recovered really fast. It’s a rather bullish sign.
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The major news flow is expected later this year in November.
Scenarios:
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$5000 high test. BTC will probably test high if the rest of the market will show strong growth. For now, no strong triggers that could cause movement.
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In case of the market being stable, $4400 level can show its strength. During possible slight corrections watch for volumes around the $4400 zone. This level has been rather strong in August, so it’s possible that buyers’ consolidation will happen there.
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$4000 test. Round levels are traditionally very strong. $4000 level is no exception. If the general market correction happens, then this level will become a key <Read More>