BTC Update 20/09/2018

BTCUSD

Bitcoin is currently chilling in the $6400 area. After yesterday's rally we had a nice bullish engulfing candle on the 1H chart.

As we suspected the retracement from that impulsive move was very bullish, also to the first fib line, which indicates that at this point bears are hesitant to push the price lower so they don't get trapped again.

We only need a small increase of volume at this point so we can break the current resistance at $6430. That would lead us to next barrier around the $6600 zone.

All those zones are indicated on the chart. As mentioned previously, targets for BTC on this move would be at highest blue line zone, where we expect it to go on the upcoming days, then we will re-evaluate the market.

Currently the alts market also looks healthy and we noticed some big buys on alts today in anticipation of some bounces in the short term.

We also don't believe the current support formed at around $6375 will be broken to the downside with current market behaviour as bears were pushed back for the short term after yesterday's fiasko when they tried to break our strong support at $6155.

Our team is still very careful in taking substantial and sizable positions in altcoins, because we believe playing with them is still imposing high risk.

Our call on NEO/USD pair however is still active as it didn't hit its stop loss on Bitfinex (binance price action broke our stop loss targets and fell as low as $16.08). We believe Neo will hit our targets in the short term too.