BTC update 06.09.2018

BTCUSD



After we warned of a possible short term drop on BTC, this really happened today and yesterday, but to much worse extent that we possibly could estimate and imagine. The sharp drop hit its bottom today at $6305 two consecutive times and is rejected. With a double bottom.

What we observe now is that Bitcoin is being traded in a descending triangle – a huge one on a larger timeframe. This is a bearish continuation pattern that usually breaks to the downside.

After the violent rejection at $7350 we are going to move in the range $6000-7000 for a while until the support at $6000 is finally exhausted.
Our team is still holding positions in bitcoin which we will try to exit In an upcoming bounce.

Possible targets for it are around the $6700 area with a small possibility of reaching even $6900-7000. Those targets would be nice opportunities to go short if you are flat.

Trading alts is extremely dangerous at this time hence we won’t be providing any signals to our community until we have more confirmations that we are out of the water. There is simply no sense to risk your capital in buying more altcoins at this situation. There is plenty of time and its very possible alts will reach lower lows where we could have some better entries for the upcoming bull market cycle.

We just got to be more patient.