Bitcoin: BTC Bulls Finally Come To The Rescue (September 2019)




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Bitcoin: BTC Bulls Finally Come To The Rescue (September 2019)

Bitcoin declined below the $10,000 mark and fell down to $9,916 as we expected. We have also been discussing how the price would find a support around that level as it is the 61.8% fib extension level and that finally happened. Every move to the downside was followed by a big bounce and the price ended up closing way above the 61.8% fib extension level. So long as the price remains above this level, we expect the temporary bullishness to remain in the market. The reason we are bullish on BTC/USD from this point forward for now is because of the setup on the 1H chart among other reasons that we will discuss in this analysis. The price has completed a large cypher pattern which means it is now primed for a bullish reversal.

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