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InvestingScope
Oct 1, 2018 6:41 AM

Consolidation phase. Still bearish on the long term. Short

Bitcoin / DollarBitfinex

Description

The volume has receded to very low levels (~9K) with 1H trading within a narrow Triangle (RSI = 52.221, ADX = 20.881, CCI = -4.5389, Highs/Lows = 0.0000). If that holds then the price should trade within 6,723.30 - 6,467.50 in the next couple sessions. Even if that range breaks, 5H will still be limited to a 6,845 - 6,350 Rectangle (RSI = 53.924, CCI = 43.2989, Highs/Lows = 0.0000). These sideways bias are so strong that any attempt, besides scalping, to indicate an intra day trade is prone to a high level of risk. On the longer term, BTC remains bearish and after the recent Lower High, it has more chances to follow the pattern of testing the 6,000 support. My targets are intact: 6,300, 6,100.
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