After the rapid fall at the beginning of September, it looks like Bitcoin was able to establish another horizontal channel between the $9,825 and $10,600. The price can easily stay on this channel for a long time and it is a good opportunity if like to trade the horizontal zone. The overall high of the channel is 7.41%. If you are risk-averse trader, make sure that your profit target is within 5% of the bottom or top of the channel.
Future scenarios:
1) The price will stay in the channel for some time and towards the end of the month (based on the volume profile) we would be able to determine if the BTC will break above or below the channel.
2) The price will break above the channel and will find the level of support above $10,600
3) The price will go to the upper part of the channel (sell zone $10,400 - $10,600) and then will go towards the bottom of the channel. If the bottom of the channel will be broken then, there is a good opportunity for momentum trade which can go towards the July Point of Control (POC) in the area of $9,100-$9,200
Best of luck with your trading.
Future scenarios:
1) The price will stay in the channel for some time and towards the end of the month (based on the volume profile) we would be able to determine if the BTC will break above or below the channel.
2) The price will break above the channel and will find the level of support above $10,600
3) The price will go to the upper part of the channel (sell zone $10,400 - $10,600) and then will go towards the bottom of the channel. If the bottom of the channel will be broken then, there is a good opportunity for momentum trade which can go towards the July Point of Control (POC) in the area of $9,100-$9,200
Best of luck with your trading.