When we look at the hourly chart it seems that the price of BTC returned from the resistance of downtrend started at 12300 USD. We can see the RSI side which also broke the uptrend. And than moving average line is crossing the bollinger middle band downwards. Last but not the least BTC is losing volume. Volume is the most important indicator on Bitcoin. These can be the indicators of starting downtrend. Now let's look at the 4 hours chart;
4 hours graph;
As we can see on 4 hours graphic, BTC is forming head&shoulders formation. And targets of this head&shoulders are 8.200 and 7.400 If the price starts to falls down towards 9.700 we can see very steep moves. People may panic sell and the movements will be steeper.
Trade closed: target reached
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As we forecasted, after the descending triangle. Price of BTC fall down to 9750 support. Than the price went up again from the support line.
@hubavka, most of the people who has BTC right now experienced the fall from 16.000 to 4.000
So that in my opinion once the price downturn starts people will panic and sell and this will be like a free fall :)
CryptoAddict77
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@Emrut, You obviously have no idea what is happening
mikeythebikey
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So between 7.000k do 9000k is good for long entry in september ?
Emrut
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@mikeythebikey, that's exactly what I am thinking. I am cashed out on around 11.000 and waiting for the downturn to buy back.