Bitcoin (BTC/USD) Our expectations:
Rising movement, correction to horizontal and diagonal supports. Possibility for a long position with stop $3552.
Price Action signal of engulfing bars on support levels. TD Sequential counted 9, while Demarker reverted and is currently above the 40 zone.
The bitcoin rally is proving hard to stop.
The cryptocurrency has breached $4,000, soaring more than 20 percent from the lows reached Friday, as concern eases that a crackdown by Chinese regulators will hinder the growth of the alternative method of exchange. After reaching a record high of $4,921 on Sept. 1, the digital currency fell as low as $2,975 on Sept. 15.
Alternative scenario: If the price goes back below the inside horizontal, there could be another test of the diagonal support, where after a signal we can position ourselves again.
Jr Trader Alexander Kumanov
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