Bitcoin BTC below the 100D MA for 1st time since bull run began
Bitcoin BTC has closed below the 100D moving average for the first time since the start of the bull run from 3k.
Along with this, volume seems to be disappearing and total crypto market cap has broke a major support level.
BTC dominance is at all time highs since altcoins have taken the biggest hit during this rally and consolidation period.
At this point it’s fair to assume we are bearish for BTC in the short term. The 200D moving average is going to be our next target for a potential reversal but until then the next likely price targets will be the 9,000 and 8,650 range. We should be able to hold above 8,650 and consolidate due to some higher volume levels in that area. 10,000 is where the 100D resistance is now at so for us to break above would be the only bullish case right now.
My assumption is we will hold above 8,000 until the 200D moving average is able to catch up to those levels and hold as support. This will allow BTC to indefinitely stay above the 8,000 level which would be extremely healthy for the preparation of another bull cycle.
During this period, there will be many Bitmex long/short opportunities along with altcoin trades. We will focus on those along with forex pairs. With the stock market in a volatile time there is also big opportunity there.
Markets are changing rapidly and it’s an exciting time for us here at TPC. We have had a great month so far with some turbulence in forex markets towards the end but we plan to make big gains in September. Video updates will resume in the next few weeks. Let’s get it TPC family prepare for an amazing month as we approach Q4!
Along with this, volume seems to be disappearing and total crypto market cap has broke a major support level.
BTC dominance is at all time highs since altcoins have taken the biggest hit during this rally and consolidation period.
At this point it’s fair to assume we are bearish for BTC in the short term. The 200D moving average is going to be our next target for a potential reversal but until then the next likely price targets will be the 9,000 and 8,650 range. We should be able to hold above 8,650 and consolidate due to some higher volume levels in that area. 10,000 is where the 100D resistance is now at so for us to break above would be the only bullish case right now.
My assumption is we will hold above 8,000 until the 200D moving average is able to catch up to those levels and hold as support. This will allow BTC to indefinitely stay above the 8,000 level which would be extremely healthy for the preparation of another bull cycle.
During this period, there will be many Bitmex long/short opportunities along with altcoin trades. We will focus on those along with forex pairs. With the stock market in a volatile time there is also big opportunity there.
Markets are changing rapidly and it’s an exciting time for us here at TPC. We have had a great month so far with some turbulence in forex markets towards the end but we plan to make big gains in September. Video updates will resume in the next few weeks. Let’s get it TPC family prepare for an amazing month as we approach Q4!
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