Bitcoin (BTC) analysis and forecast (Tuesday, Sep 4th): A continuous upward pressure

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Bitcoin is likely to linger near the area of $7300 in a short period of time, then back to its ascending movement.

After testing the 38.2% Fibonacci retracement level as stated in last Thursday’s forecast, Bitcoin continues its movement in the Elliott Corrective Wave marked with (A).

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Bitcoin (BTCUSD) D1 chart on September 4th, 2018

On Sunday (Sep 2nd), Bitcoin jumped to the price of $7400 - a one-month high. Since then, this cryptocurrency has witnessed a consolidation around $7300 and has been forming a bullish pennant in H1 timeframe.

A sharp climb is expected to resume in Bitcoin price after this period of consolidation, when the bulls gather enough energy to increase the price again. The first Elliott Corrective Wave marked with (A) seems to come to an end at the area of $7600-$7700. Bitcoin will perform a slight descend in the second Elliott Corrective Wave marked with (B).

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Bitcoin (BTCUSD) H1 chart on September 4th, 2018

Written by nami.today

 

 

 

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