BTC Analysis September 10, 2021 for BYBIT: BTCUSD by Mikas_h
BTC was quite the momentum which was a great run, but on September 7th the market had a strong impulse that broke the most immediate market structure. Although PA found support above the Daily 200 till today.
Current situation :
3 possible scenarios:
1. Today’s fence placed PA just around the initial base area after breaking away from the build-up range throughout the summer. This area provides both structural support and is the last structure weak that could offer a hidden . A rejecting this level would reinforce a hyper-bullish market narrative for me.
2. The IMO’s most likely scenario is a lower drop to the 41.5k area to retest the summits of the summer month accumulation range that converge with the 200 D-EMA (which acted as the previous range high resistance + support too). It would be the most logical place for the bulls to defend.
3. A return to the summer months accumulation range would again open the range lows (about -25% movement from here), giving the bulls one last chance to defend themselves before they go. ‘A medium-term bear market is not in the cards.
How do I play it:
I am not looking to cash my holdings as I firmly believe that accumulation is the name of the game with crypto. However, I will seek to hedge my holdings (and gain on USDT) by hedging my positions with low leverage derivative shorts. I will seek to enter a rejection of 200 D-SMA. I won enough with that impulse to risk a small hedge here. SL is above structural strength around 21 D-EMA.
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