CRYPTONAIRE
WEEKLY CRYPTO investment journal
CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/USD
Bitcoin stayed below the $10,500 level from September 3-13 but the bears could not capitalise on this and hammer the price below the $9,813 support. This suggests that the bulls were accumulating below the $10,500 level. On September 14, the bulls pushed the price back above $10,500 and the 20-day EMA. This indicates the possible start of a relief rally that can reach the 50-day SMA. The bears are likely to defend this level aggressively. However, if the bulls do not give up much ground and arrest the next decline above $10,500, it will suggest that the correction is over. We had suggested traders initiate long positions on a break above $10,650 and that filled on September 14. Aggressive traders can book profits on 50% of the positions close to the 50-day SMA and buy again on a bounce off $10,500. Positional traders can hold their long positions with a stop of $9,800 as a rally to $12,486.61 is possible. The stops can be trailed higher as the BTC/USD pair moves above the $11,000 levels. The 20-day EMA has flattened out and the RSI has risen to the midpoint, which shows that the selling pressure has reduced. The trend will turn in favour of the bears if the price reverses direction from the current levels and breaks below $9,800. Such a move will be a huge negative that can result in a drop to $9,000 and then to $8,000 levels. Cryptonaire Weekly | September 15th 2020
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