Weekly Weather Report – September 2nd, 2019

?Weather Report?

Bitcoin is showing a pretty obvious setup at the moment.  Having recently broken out of the green box it is now retesting the next level.  At the moment there is a very strong MTFL downtrend resistance which is combined with recent bearish momentum on longer timeframes.  However, we have seen significant buy volume in the yellow box range.  

For the BTC/USD pair Trader TJ is waiting for either a bullish or bearish engulfing.  If bullish this could bring us to test previous resistance at $10,400 and if bearish we would head lower to the $8860 range.  At the moment TJ is waiting for a more definitive move before reacting.  

On the other hand Erik believes everything has stayed the same from last week and mentioned that Bitcoin is caught in the bracket most likely staying below $11,000 before we get the next move down.  He is looking for break to occur of the bottom support around the $9,000 level.