Local Bitcoin View based on time analysis and price structure.
Based on the analysis of time, the main local (daily) pivot points on Bitcoin are:
Daily pivot Points: August 28 (08/28/2023) - today; September 6 (09/06/2023)
The local structure of Bitcoin is shaky, but it's not that bad. Today, the 28th of August is a very important day because it contains the daily pivot point. The next daily pivot point will be on September 6th. Given the presence of a reversal point today, it is important to watch a daily close very carefully.
Local Bitcoin Forecast: I believe the most expected move is to see the final short squeeze on Bitcoin before we are taken into a longer correction. However, given the presence of a daily pivot point today, there is no need to rush with longs, we are waiting for the daily close! It may turn out that today we will close the day with a sale which means we might get squeezed down to support before the next daily pivot point (September 6).
Opening Position:
Long: $24,800-$25,500. Open in several limit orders!
Stop loss: $24,400
Bitcoin local targets:
Target 1: The minimum target for a short squeeze is the lower retest of the $28,300-$30,300 zone. 28K+- remains a zone about which there is distribution or accumulation!
Target 2: $32,800-$33,300. The bull structure is still not broken and the probability that the current markdown is a manipulation remains significant. I remind you from the previous analysis that we have a Weekly Swing Point on October 16 (16.10) until Bitcoin can easily make new highs.
Trade Plan:
(1) in the zone of $28,000-$29,000 we fix a part of the accumulated position!
(2) Stops are moved to breakeven!
(3) If after we squeeze into the zone, there will be consolidation for a couple of days - close the rest of the position!
(4) If we get above the zone and consolidate, we expect the second target: 32.8-33.3K!
X8 Crypto
Based on the analysis of time, the main local (daily) pivot points on Bitcoin are:
Daily pivot Points: August 28 (08/28/2023) - today; September 6 (09/06/2023)
The local structure of Bitcoin is shaky, but it's not that bad. Today, the 28th of August is a very important day because it contains the daily pivot point. The next daily pivot point will be on September 6th. Given the presence of a reversal point today, it is important to watch a daily close very carefully.
Local Bitcoin Forecast: I believe the most expected move is to see the final short squeeze on Bitcoin before we are taken into a longer correction. However, given the presence of a daily pivot point today, there is no need to rush with longs, we are waiting for the daily close! It may turn out that today we will close the day with a sale which means we might get squeezed down to support before the next daily pivot point (September 6).
Opening Position:
Long: $24,800-$25,500. Open in several limit orders!
Stop loss: $24,400
Bitcoin local targets:
Target 1: The minimum target for a short squeeze is the lower retest of the $28,300-$30,300 zone. 28K+- remains a zone about which there is distribution or accumulation!
Target 2: $32,800-$33,300. The bull structure is still not broken and the probability that the current markdown is a manipulation remains significant. I remind you from the previous analysis that we have a Weekly Swing Point on October 16 (16.10) until Bitcoin can easily make new highs.
Trade Plan:
(1) in the zone of $28,000-$29,000 we fix a part of the accumulated position!
(2) Stops are moved to breakeven!
(3) If after we squeeze into the zone, there will be consolidation for a couple of days - close the rest of the position!
(4) If we get above the zone and consolidate, we expect the second target: 32.8-33.3K!
X8 Crypto