BTC (Y20.P4.E6).Short term Price Action

١٨ سبتمبر ٢٠٢٠

Hi All,

I haven't done a BTC post for a while but on BTC dominance and ALT strategy, which did cover BTC price action in my previous post on BTC dominance. Got that well in terms of strategy and price targets.

Anyway, here are my thoughts for BTC which factors in the US dollar index and SP500 and Gold, as explained in my previous posts.
I'll also look at BTC dominance to see what's going on there.

MY THOUGHTS:
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Short term there is no clear directional bias in all 4 areas, that is US dollar, SP500, Gold and BTC.
The heavy correlation between BTC and the other markets will determine what it does.
For short term, I have BTC is likely to try the 11300 resistance at most and my guess is rejection there with a pullback to the 10800 area.
We are expecting a major correction in the stock market but the question is when?

Looking at the other factors I have these thoughts.

> GOLD has a hidden bullish divergence so there is a probability that it can push higher for the short term. But we need to see this. Similarly this will setup the SP500 to go up from this area but not significant.
Hence it supports the 11300 rally for BTC
> SP500 is over extended, over bought and so far has topped but not confirmed. $3588. Reason, explained below. It has a likely chance to bounce in the short term also giving weight for BTC to hit 11300.
> No clear signs for the dollar, it can potentially be bottomed out here but it also has potential to drop some more. This is the key as to what happens to all the others.

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US Dollar likley to rise in the short term:


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SP500, looking bearish. If it collapses underneath this key level 3330, then it opens the gates for a trend change. Lets see what happens this weekend or next week.



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GOLD has a hidden bullish divergence so there is a probability that the SP500 can go up from this area but not significant.
Hence it supports the 11300 rally for BTC


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BTC chart, upward pressure on the daily PHOIEX and RSI + MACD

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BTC dominance likely to hold this area as support and hence it gives BTC upward pressure and its likely only some ALTs go up with the majority to go sideways, in the short term.

١٩ سبتمبر ٢٠٢٠

ملاحظة

for now, the sloping trendline is the resistance

٢٠ سبتمبر ٢٠٢٠

ملاحظة

I have drawn my bearish line.

٢١ سبتمبر ٢٠٢٠

ملاحظة

Difficult to say because of the US dollar