Bitcoin Expected Drop (BTCUSD) 05/09/18

Hello World,

Looking at BTCUSD on Bitfinex, the mother of all cryptos just dropped rather hard. In my post 2 days ago I mentioned the bearish divergence and the fact that we could not breach 21 EMA / 20 MA on the Weekly timeframe. This rejection resulted in a very expected drop. At the moment of writing this post BTC is supported by 21 EMA on Daily and is still in the rising channel. Of course the big question is how far down are we looking to go and this is for the market to decide.

Closer Look

On the 4H we see that we also got support from the lower boundary of the rising channel staying within it. Falling out of it will mean lower prices revisiting 61.8 FIB in my opinion. Can we go lower? Yes. At the moment I am using the wait and see approach for BTC.

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