Hello Traders,
As you know, we were expecting a bigger drop in bitcoin and it seems like that it has yet confirmed it. We advised already to be careful with new long positions in bitcoin. But we also said we dont recommend to sell bitcoin.
Now, with the recent drop, it has confirmed that it will go lower now and we think the daily correction IS NOT OVER YET. We are expecting a drop to around $3600. From there maybe it will provide as again a nice swing long to the upside but as of for right now we will be on the sidelines and wait for the market.
Here is the post from the 3rd of September we made:
Hope that helps and wish you a nice weekend!
Cheers
As you know, we were expecting a bigger drop in bitcoin and it seems like that it has yet confirmed it. We advised already to be careful with new long positions in bitcoin. But we also said we dont recommend to sell bitcoin.
Now, with the recent drop, it has confirmed that it will go lower now and we think the daily correction IS NOT OVER YET. We are expecting a drop to around $3600. From there maybe it will provide as again a nice swing long to the upside but as of for right now we will be on the sidelines and wait for the market.
Here is the post from the 3rd of September we made:
Hope that helps and wish you a nice weekend!
Cheers
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Here is an H4 chart update of bitcoin:
