Bitcoin (BTCUSD) analysis and forecast (Mon, Sept 10th, 2018): Will climb up in a while

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Market is keeping an eye on the important threshold of $6484

Bitcoin closed its first weekly trading session in September at the price of $6239.9. The top cryptocurrency was driven to the low of $6119.5, recording a dramatic decline of 16% during the last week. In the last 24 hours, Bitcoin has been fluctuating in a range from $6200 to $6400,  inching up a little bit from its intraweek low.

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Bitcoin (BTCUSD) H4 chart on September 10th, 2018

This consolidation seems to lift Bitcoin to the 23.6% Fibonacci retracement level ($6489).

The bears are still dominating Bitcoin movement and overwhelming the bulls as the descending candlesticks have been longer than the ascending ones visibly on its price chart. Yesterday, despite an upward pressure that took Bitcoin price higher and as a result it nearly reached the 23.6% level, the sellers came back and dragged the price lower, leaving a long upper shadow on Sunday’s candlestick.

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Bitcoin (BTCUSD) D1 chart on September 10th, 2018

The dark cloud which has covered the market for months doesn’t seem to be fading way. Bitcoin is expected to be back to the way it was, after hitting the level of $6484. A pull-down movement to $5800 is awaited.

Written by nami.today

 

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