Bitcoin – 4H.
On September 5, bitcoin began to move up again and threatens to update the highs of the previous two days in the next few hours. This means that the bulls will still try to work out the area of $10900 - $11100 per coin. Well, the further development of events will depend entirely on the ability of traders to close over this area. If successful, the number 1 cryptocurrency in the world will not deter anything from reaching new heights. It is clear that traders are now inclined to buy and did not take into account even two bearish divergences. At the same time, the signal to buy at the close above the level of 61.8% ($10256) did not go anywhere but was weakened by two divergences. Thus, I suggest that buyers wait until they reach the level of $ 10,907, and sellers do not force events and wait for a favorable situation to enter the market.
While the bitcoin is tearing up again, discussions are underway on the network of two "topics of the day" at once. The first is an anonymous transfer of $1000000 (94504 BTC) in bitcoins at once for one transaction. It is reported that the transfer was made by an anonymous wallet that does not belong to any exchange. The second is the message that the number of wallets containing more than 10 BTC has reached a record number of 157,000. I do not know how interesting this news is, they only show that bitcoin continues to be actively used by users, but in fact, they mean nothing. It is also impossible to say that bitcoin is growing in recent days due to any fundamentally important events. China and the States agreed on a new round of talks. Brexit in the UK postponed for several months. That is, there was no new geopolitical tension or escalation of existing conflicts. Thus, the growth of the "cue ball" is not associated with the desire of traders to diversify risks.
In conclusion, I can recommend bear traders to wait for either the price rebound from the red area on the chart or close at $10256.
The Fibo grid is based on the extremes of July 17, 2019, and August 6, 2019.
Forecast for Bitcoin and trading recommendations:
Bitcoin has completed the consolidation above the level of Fibo 61.8%, however, 2 bearish divergence continues to be questioned further growth. I recommend selling the currency if it closes at the level of 61.8% ($10256), with a target of $9788 (76.4% Fibo).
I do not recommend buying bitcoin right now, as there is not much left until the target and very strong areas, and two divergences reduce the chances of cryptocurrency growth.
