Bitcoin Discount Almost Over? New Signal Developing...

12 Sep 2021

The price drop on 7-Sept. was a strong one, we saw the Bitcoin bears jump in with full force...

But we are wiser than that, we know this market is generous, the drop we consider as an opportunity to Buy & Rebuy - Cryptocurrency Market Update | New Buy Opportunity For Altcoins, Bitcoin is moving back up.

We now know that this drop was caused by the liquidation of many longs...
Us, Bitcoin buyers and supporters continue to aim higher and hold strong.

The chart technicals are going back to the bullish side, short-term, let's see what's up.

First, let's go back a month and notice the drop in early August.

As Bitcoin recovered in late July it managed to conquer (break and close) above EMA100, this is strong resistance every time.
As a strong level is conquered, it needs to be tested as support before the initial move can continue.

And this is what we see in early August, a test and re-test of EMA100 (blue line) as support.

Since this level held strong, Bitcoin went straight up and grew for an entire month.

This time it also conquered MA200, the black line on the chart...
As this is a strong level, it needs to be tested as support before it can move ahead.

The derivatives market liquidation happened on 7-Sept., we read reports of 3.5 to 4 Billion in all...
prices dropped and EMA100, EMA50 were tested as support.

We are aiming for daily close back above MA200 since the initial drop.

This can tell us that the correction is potentially over and Bitcoin continue to grow.

We also have this green ascending channel on the chart...

This is the signal but not so fast...
It is still early and this can all easily change.

If BTCUSD can stay above $45900 (MA200), we can expect higher prices next... But if it fails to hold up, we are definitely going lower and this time not just $43,000 but maybe even $38,500 so be aware.

We are not predicting what Bitcoin will do, NO.
Instead, we are reading the charts for you everyday.

This is not financial advice.

Thanks a lot for your continued and amazing support.

I LOVE YOU.

Namaste.