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BTC update 08.09.2021

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@ew-and-patterns
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Yesterday I wrote about the importance of the support zone and weakening bullish momentum...

Just a few hours later, BTC "crashed".
We saw a bearish retest of the support zone on the 15min chart (now resistance zone) and KABOOM, BTC dropped $9k within just 1 hour, down to $43k. (click the pic and zoom in)
Rumors are, that this was a "coordinated dump attack" by the IMF and their allies to show the people of El Salvador who's boss, and that making BTC legal tender was a big mistake...
Anyway, everyone who bought $30 in BTC to show solidarity and to celebrate the first day of BTC being legal tender in El Salvador, was happy to get some cheap sats. I actually increased my buy order when I saw the dip ^^.

Now BTC has to break out of the red resistance zone at 49.6k, which will probably take a few days.
$3.6 Billion were liquidated in LONGS yesterday (I saw it on twitter). As leveraged LONG traders are now licking their wounds, the volatility usually stays low for a few more days.
It is now unclear if the next move up will be wave C or Y of B, or a new impulse wave. This means that EW traders will be extra cautious with entering new positions, because there might be a C leg down still around the corner. (targets below $43k...)

Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.

Please consider leaving a comment, like or rehive, if this post entertained you or helped you see things differently...

Have a nice day :-)

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