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Urgent update. Be cautious of the Channel Down upside break-out.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The 1D Channel Down (Highs/Lows = -191.7857, MACD = -184.800, B/BP = -251.2378) is now testing the Lower High limit, having already nullified the 4H Triangle (Highs/Lows = 45.0198, B/BP = 153.1560, ADX = 29.570) since 6,398.20 was crossed. If this breaks to the upside (red eclipse), then BTCUSD will seek a test of the 0.500 Fibonacci retracement = 6,774.30, before it resumes the downtrend for the test of the 1W support zone = 6,080.8 - 5,762.9. If the 1D Lower High doesn't break, then Bitcoin will continue falling within the Channel Down towards June's bottom (5,762.90). Since in both cases the trend remains bearish , we will continue shorting, aiming at TP2 = 6,082.70, TP3 = 5,609.10 (under conditions which will be updated at that time). 1W remains mostly bearish but the neutral RSI = 45.100, Highs/Lows = 0.0000 indicate that BTC will most likely trade within a 1,000 range on a slow pace/ low gradient for the next 1 - 2 months.
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I am seeking advice on my ideas below from traders in various countries. I would like to ask your advice.
And what do you think about the CBOE's ETF at the end of September and the BAKKT Exchange launching in November?

+2 Reply
@pkb6698, Thank you for your share.
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Agree!!!

Here's my BTC analysis for Sept 13. I discuss the resistance of 6600-6700 | Descending trend line | TD + Ichi signals | ETF setup | Shorts stacked | Overall macro downtrend:
+2 Reply
InvestingScope Cryptosomniac
@Cryptosomniac, Thank you for your share.
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BTC moving as expected, check it out

+2 Reply
@weslad, Thank you for your share.
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