September is starting, and we know that statistically September is the most devastating month, not only for Bitcoin but also for the stock market. You probably don’t want to be in a long position during this period of time if you don’t like adrenaline. Re-buy in the middle of October, but let’s see what is happening in the short term on Bitcoin’s chart.
The price has been moving within this blue descending channel, and there is really no sign of strength from the bulls. Basically what we see on the chart is a pretty strong bear market, at least on the 4h chart. As long as this channel holds, I am bearish. There are 3 options for how to trade this channel. You can try to buy the bottom of the trendline of the channel, or the 1:1 Fib extension, or wait for a breakout of the channel. Different traders trade different opportunities. Let me know what your plan is in this situation?
The Fibonacci extension 1:1 support is at 104.583 USDT, so we could see a small bounce from this level. Now the most important question is, will Bitcoin fall below 100k in September or not? Follow me so you don’t miss updates because I will predict this move if the technical analysis is bearish!
Write a comment with your altcoin and hit the like button, and I will make an analysis for you in response. Trading is not hard if you have a good coach! This is not a trade setup, as there is no stop-loss or profit target. I share my trades privately. Thank you, and I wish you successful trades!
