Bitcoin (BTC)Crypto News

Is Bitcoin preparing for a big move? – Crypto News Current

is currently in a bearish consolidation phase and preparing for a major move that appears to be going down – but be prepared for anything in this market. We see a descending triangle between the 18500 support and the long-term downtrend line (in blue).
Is Bitcoin preparing for a big move?  – Crypto News Current, Crypto Trading News
A decisive break of support is more likely after lower high on 13th September. The bearish move is confirmed by the consecutive lower highs set on the following daily candles as prices found their way back to the bottom of support.

We are now consolidating between that Resistance at 20600 and the supports at 18000 and until we see a break of that I stay out of the trade.

Is Bitcoin preparing for a big move?  – Crypto News Current, Crypto Trading News

During volatile times like these, it’s best to get back to trading basics (always prioritizing history of price action and volume), wait for confirmation, and have a few helpful indicators on hand to give that extra edge reassurance that you are trading in the direction the market wants to go.

When you start seeing a consolidation like this, your mind should immediately slip into a state of patience, waiting for the market to tell you what it wants to do. The easiest way to lose money in these volatile markets is to try to take preemptive trades. Wait for confirmation, take appropriate position sizes and stick to your plan.

We also have a high correlation between and in recent years BTC seen, so it’s important to always be aware of the implications of Federal Reserve monetary policy.

Currently, the Fed is making borrowing more expensive and reducing purchases of Mortgage Backed Securities (MBS) – both very pessimistic things to be aware of.

Is Bitcoin preparing for a big move?  – Crypto News Current, Crypto Trading News

SPY is well below the minor uptrend line and the next supports are the previous pivot lows around 371 and 362. A break below 362 with volume will generate selling pressure. They are so correlated that you cannot effectively trade BTC without keeping an eye on the SPY.

Source: Crypto News Deutsch

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