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17.09.201910:51 Forex Analysis & Reviews: Trading strategy for Bitcoin on September 17th. Bitcoin froze ahead of Fed meeting results

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Bitcoin – 4H.

Exchange Rates 17.09.2019 analysis

The most famous and popular cryptocurrency in the world is still prone to fall. In the last few days, quotes of the "cue ball" traded along with the correction level of 61.8% ($10256), showing no major changes in the value. However, the downward trend line still pushes Bitcoin down to the lower trend line, which together forms a "tapering triangle". To determine the cryptocurrency trend for the coming weeks, traders must withdraw quotes from the "triangle". Accordingly, as long as BTC is inside the "triangle", I expect a fall to the price level of $9400. When a close outside the "triangle" is executed, a new trading strategy will be considered. Bitcoin's goals for the coming days are indicated by crosses in the illustration.

In the meantime, the hash rate "cue ball" continues to grow before halving, scheduled for next year. The largest miners are afraid of reducing the remuneration for the extracted block twice, so they increase production capacity. Also, there is a strong influx of new miners (over the past three months, about 600,000), which also increases the total number of bitcoin hunters and increases the overall hash rate. I also note that the update of hash rate records did not affect the value of bitcoin.

A good present for speculators was made by the Kraken cryptocurrency exchange. Due to a software glitch caused by testing a new type of orders, some traders were able to buy bitcoin at a very low price, about $8000 per coin. And then, sell for $12000. It is noted that the exchange will not apply the cancellation of transactions and write off illegally obtained profits from the accounts of lucky traders.

Well, the Fed meeting remains on the agenda. Such an important and significant event cannot be overlooked by traders, the reaction of the cryptocurrency market will be in any case. I am inclined to the growth of bitcoin after the Fed meeting if it is decided to ease monetary policy. But at the same time, technical signals continue to speak in favor of the fall of the number 1 cryptocurrency.

Overall results:

In the last three trading days, Bitcoin is frankly resting. Cryptocurrency is still inclined to fall to the bottom line of the "triangle". At least until tomorrow's summing up of the Fed meeting, this mood in the cryptocurrency is likely to remain. What happens after the Fed meeting will depend on its results and Jerome Powell's speech.

The Fibo grid is based on the extremes of July 17, 2019, and August 6, 2019.

Forecast for Bitcoin and trading recommendations:

Bitcoin made a return to the upper area of the "triangle" and remains in the "flat". However, I recommend that you still consider sales with targets of $9788 (76.4% of Fibonacci), $9566 (38.2% of Fibonacci) and $9400 (the bottom line of the triangle). As a new signal, I recommend waiting for the rebound from the downward trend line (or 61.8% Fibonacci level) or bearish divergence.

I do not recommend buying bitcoin now, as the cryptocurrency remains in the "narrowing triangle", which implies a price reduction.

Samir Klishi
Analytical expert of InstaForex
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