Bitcoin starts September under pressure after a brutal August nearby – now all eyes are at $ 100k. Bitcoin closed the month of August with a disappointing week for the Bulls. After he made a new all time in mid -August on just over $ 124,000, Bitcoin has closed three red candles in a row on the weekly graph. Last week’s candle closed close to the lows, so that the momentum clearly winds to the bears.
The MacD -userator Also confirmed a bearish cross on the weekly closure, which should help maintain downward pressure this week. RSI is now in a relatively neutral position just above the 50-line, but at the lowest level since mid-April.
Bitcoin will go down in September to test the support levels of the consolidation of May-Tot-Juni Prize. Bulls will be looking for the high-volume junction around $ 104,000-105,000 to retain the price, and ideally prevent this week’s candle closing. Bears will try the price by pushing this support back to the Key 1,618 Fibonacci extension level from the Beren market of 2022 at $ 102,000. Closing this week in the $ 102k environment or lower would be very bad for the bulls, because it would be in danger of breaking under the infamous laser eyes of $ 100,000 and testing the last large swing low at $ 98,000.
The disadvantage of $ 100,000 would disadvantage the disadvantage of the “long -term summit”. $ 96,000 is in fact the last line of defense here for the Bulls as Price succeeds in slipping all those upper support levels.
So on the way to this week, look for buyers to try to get in and turn things at the level of $ 105,000. Bulls will be directly looking for the ship this week and use a kind of reversing candle to turn things around. But for now the bears have full control and they will continue the sales pressure in September.
Terminology Guide:
Bulls/Bullish: Buyers or investors expect the price to be higher.
Bears/Bearish: Sellers or investors who expect the price will be lower.
Support or support level: A level at which the price must apply to active, at least in the first instance. The more touches of support, the weaker it becomes and the greater the chance that it will not hold the prize.
Resistance or resistance level: Opposite support. The level that will probably reject the price, at least in the first instance. The more touches in resistance, the weaker it becomes and the greater the chance that it is not to stop the price.
Fibonacci Retracements and extensions: Relationships based on what is known as the Golden Ratio, a universal relationship with regard to growth and expiry cycles in nature. The gold ratio is based on the Constanten Phi (1,618) and Phi (0.618).
Oscillators: Technical indicators that vary over time, but usually stay in a bond between set levels. Thus, they oscillate between a low level (typically that represents over -sold circumstances) and a high level (usually represent overbough conditions). E.g. Relative strength index (RSI) and advancing average convergence-divigence (MACD).
MacD Oscillator: The advancing average convergence divergence is a momentum scillator that dedicates the difference between 2 progressive averages to indicate both trend and momentum.
RSI -userator: de Relative strength index is a momentum scillator that moves between 0 and 100. It measures the speed of the price and changes to the speed of the price movements. When RSI is older than 70, this is considered overbough. When RSI is below 30, this is considered to be sold over.
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