BTC Analysis for 10/09/2020

By:

Updated: Sep 10, 2020, 12:06 UTC

Bitcoin is fluctuating around an attractive location within the 10,500 AREA but has not produced a compelling reversal structure in order to justify a new long position. And since the recent momentum has been bearish, the current mini consolidation is likely to result in a sell signal that can possibly lead price to the low 9Ks.

The 9140 level is a key support

And must be maintained in order for our longer term outlook to remain bullish. IF price takes out this level, it will be signaling that Bitcoin is more likely in a broader range rather than a bullish trend.

Keep in mind, it is possible that price can establish a reversal formation before reaching the 9140 area. In which case we would be open to a new swing trade long as well. It all depends on the price formation and setup.

LINK, LTC, XTZ

Another important consideration is that many alt coins like LINK, LTC, XTZ, etc., are showing a similar pattern to Bitcoin which emphasizes that Bitcoin is still the sector leader. IF Bitcoin does not go higher, the entire space is likely to suffer as well. Point being that whether you are in ETH, LTC, or any other coin, essentially, it is all the same trade. This is especially important to understand when it comes to managing risk responsibly.

For a look at all of today’s economic events, check out our economic calendar.

This article was written by Marc Principato CMT, Executive Director at Greenbridgeinvesting.com.