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Bitcoin rally to $6900 failed. Are we retesting lows again?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BITFINEX:BTCUSD


BTC Update 24.09.2018

Bitcoin almost reached our predicted target at $6900 zone and was unfortunately rejected in the short term for now.

As now everyone is watching at that descending triangle formation it was predictable that market makers wouldn't allow the price to touch the trendline from the first attempt.

Currently we have two possible scenarios in play.

We are looking at a retracement of price of bitcoin at around $6500 in the short term. This is an important area and it already touched $6550 today. For our short term bull trend to continue to higher levels we need to sustain above this price target. If we fail to hold $6500, next support areas of bitcoin to be tested are recent lows at $6380 and $6150.

The bullish scenario would hold us above $6500. Then we would expect a bounce to retest $6700 levels and then a breakout from the triangle UP. This however currently we see as less likely to happen.

Currently the momentum and price action are showing us a bearish continuation.

One more important indicator that is showing us a higher probability for the bears was that short positions on bitfinex decreased significantly, so the buying pressure we have from short positions will be lower from now on. This is making the life of bears easier and favors price decline.

We will keep track on price action and keep you updated.

Our premium members have received their sell target for BTC and it was $6837!
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