Vacation season has come to a close, our team has rested a bit, and we are ready to get back to sharing market insights with you! We hope that you have also had a chance to recharge 🙂 Anyway, let’s take a look at the market today, on September 2.
Our concerns about the price reduction below $10 000 were not unfounded. What’s more, from a technical perspective there is still a chance that the price will go even lower. If the bulls do not manage to take the situation under control, the next level will be $9100–9085.
On the hourly chart, the price is above the moving averages, but EMA50 is below EMA100 – this is a sign of further price reductions in the future. The moving averages will support the price at $9670 (ЕМА50) and $9732 (EMA100). If these levels are reached, $9600-9400 will become the next level supporting the price against further reductions. The MACD is in the positive zone, but growth is limited by a resistance level at $9800 and an incline (see hourly chart).
In the one-day timeframe, the price is stuck between the two moving averages. EMA50 is a resistance level at $10 285. EMA100 near the $9137 bear target serves as a support level. EMA50 is above EMA100, which means that the signal to buy is maintained. However, we advise you to exercise caution – the incline resistance level has been limiting growth since early August, and the resistance level keeps falling. The MACD is in a negative zone.
At present, there is a high chance that the bears will conquer the $9100 level, which will lead to further price reductions below the $9000 level. On the other hand, the region around $9100 offers a good opportunity for purchase, as long as buyers remember to follow the steps in a bullish trading strategy.
As a result, the market is currently at the levels that we described in August. If you have just returned from vacation, but have been reading our reviews all summer, the current price won’t come as a surprise for you.
We wish you high profits!
Stay tuned for our upcoming reviews!