Crypto currency update
It is September 21th, 2018
BTC dominance is currently at 53.2% (-1.3%). The total market cap is currently at $213.3 billion (+ $13.3 billion). The market volume of the last 24h was $15.0 billion (+ $2.6 billion).
US SEC Asks for Further Comment Regarding VanEck Bitcoin ETF
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Daily time frame : https://www.tradingview.com/x/xADUWEVa/
Bitcoin is currently testing a lot ot important areas. Firstly, it is testing mid bollinger band! Then it is testing EMA 21, horizontal line on RSI, MACD is trying to crossover. It requires big buy power to break all these resistances!
We are going to cover H4 and H1 time frame and then share our overal opinion what could be the next move!
H4 time frame : https://www.tradingview.com/x/4VTtnSq3/
It is currently testing resistance but considering this close above top bollinger band, it is not time to go with big short position! The daily candle is just opened and we have 5 more 4h candles to be closed today so we need to wait for bearish sign on H4! It would be shadow on top bollinger band! So far it is not bearish because of this close but because of low volume it has chance to form great bearish signs in upcoming candles!
H1 time frame : https://www.tradingview.com/x/XTZQCLQE/
Check this chart for the area where we will look for short entry if we get confirmation!
After ETF is postponed, we can consider that both bullish and bearish! Bullish because it has chance to be accepted next time and bearish because it is not accepted this time! Currently Bitcoin is in no trade zone! We shared with you what should happen for short entry! In paid group we will share for long because it has chance to break the resistance so long could be an option too! Currently we think that short is better option because of big number of long positions! We have 63% long positions and 37% short positions! It is big difference and some sudden drop may easily happen!
The CME expiration is coming so as we mentioned few times we have almost equal chances for both uptrend and downtrend and we have to look for trades with confirmation!
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To your success, CS Team!