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05.09.2019 10:46 AM
Trading strategy for Bitcoin on September 5th. Christine Lagarde supports the development of blockchain technologies

Bitcoin – 4H.

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On September 4, bitcoin felt great, updating the peak of the previous day and not falling during the day. However, two bearish divergences in the CCI indicator predict a fall in bitcoin in the coming days. Plus, do not forget that BTC has a strong resistance zone above, formed by the correction level of 23.6% and the peak of August 20. This zone is now extremely important for the prospects of bitcoin. If traders gain a foothold above it, it will mean a high probability of further growth of the number 1 cryptocurrency in the world. If it does not close higher, then John Bollinger's forecast may come into force, which predicted a fall to $4000 - $5000, if the bulls do not activate this week and do not make a rapid and big step forward.

Important news for Bitcoin was the speech of Christine Lagarde, who will take over on November 1 as Chairman of the Board of the European Central Bank. She urged other Central Banks not to exert pressure on cryptocurrencies to protect consumers as much as possible. Lagarde believes that blockchain is an extremely important technology for the modernization of the financial system. At the same time, Lagarde notes the high risks to the existing financial and banking systems. She believes that cryptocurrencies can destroy financial institutions and cause an economic crisis. Also, cryptocurrencies can destroy the banking systems of developed countries and completely replace fiat money in developing countries. The reason for this position is that in most poor countries, it is dangerous to keep cash at home or even in banks. Poverty and high crime rates often lead to savings theft as well as confiscation by the state. Cryptocurrencies are safer in terms of savings in such states.

Meanwhile, China launched June digital testing. Thus, the National Bank of China rejects the idea of total control or, in the future, will develop and implement certain tools that will allow controlling the movement of "crypto-yuan". The digital yuan is expected to enter circulation by the Chinese new year.

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

Forecast for Bitcoin and trading recommendations:

Bitcoin performed a consolidation above the Fibo level of 61.8%, but 2 bearish divergences cast doubt on further growth. I recommend selling cryptocurrency if it closes at the level of 61.8% ($10256), with a target of $9788 (76.4% Fibo).

I do not recommend buying bitcoin now, as there is not much left to the target and very strong area.

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