Update curtiousy of PAID TRADING (DZ871)
📈 # BTC
Yesterday, we watched as the BTC price gradually declined to support 6427 during the day, but at night it managed to recover to 6545. Today, the pair again went smoothly to the target level of decline. Strange is that the price dynamics is not impulsive yet.
Daily chart: in aggregate with the inability to twice take the higher levels at 6850 (September 22 and 28), it can be assumed that the bulls "died out" after rising from support at 6200, started on September 17. It should be noted that for a month now the pair continues to trade within the wider side “corridor” 6100-6800. This is the lowest bitcoin volatility in more than 14 months. Today's morning decline may be the beginning of global changes in the market - determining the direction of movement for the near future.
Four-hour chart: key levels 6500 and 6600 are broken, moving averages turn down, and the price is well below the EMA. Consequently, at the moment the bears have won a temporary victory, seeking to support at the level of 6370. This is the basis of the double top formed by the movement of September 19th. A break of this level initiates a downward movement with a target at 5900 (the height of the figure is 460 points). BTC-USD movement above 6650 (September 30 maximum) will be able to cancel such a scenario.
Hourly chart: there is a definite bearish picture. A couple of hours ago, the fast 50th EMA crossed the slow 200th EMA from top to bottom, forming a “mini cross of death”. The continuation of the downward movement remains preferable, however, for this, it is necessary to get support at 6430 so far.
It is noticeable that the more often the bears take up above the buyers, the more difficult it is for the latter to recover in the future.
As the main signals to enter the market we consider:
7000 - buy after breaking through 6400 resistance.
6150 - buy on the rebound from 5850 support.