BTCUSD: BTC may drop below 10kUSD again, before bouncing.

Updated

Presently BTC remains within what I consider a no-trading zone.

In my view, BTC may drop below 10kUSD again, to around 9400USD, before bouncing back up to 10200 USD level.
If BTC does drop below 10k USD again, will look at the PRISM momentum oscillators again at lower time scales + IchiCloud, before deciding if I should cost-average in to accumulate more BTC at below 10kUSD, or if there's a chance it may finally drop even lower down to 8200-8400 USD.

See Aug30 Chart:

Note

However, the 200ema, which formed a very strong support during previous bull market cycle, have been very gradually creeping higher and closing in to the current triangle resistance/support.

As the saying goes, the market tends to inflict the most amount of pain to the largest number of people. With many still waiting on the sidelines, with the hope to buy in cheaper at 8k, or even 6k, perhaps, it is plausible that we may see BTC dumping down to 9100-9300 USD (where the 200ema is heading) before violently snapping back up -- leaving those who have waited behind, and kick-starting the continuation of the next parabolic rise (as those people start FOMOing in), to say 16kUSD(?).

See previous discussion on 23Aug19.

But of course, the above is just merely speculation on my part.
I will still be continually monitoring my preferred set of indicators at different timeframes, and decide where to update/set suitable stop-buy/sell levels.

Trade closed: target reached

Trade entered and target reached on 19Sept'19. :)

cybernetwork

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.