Bitcoin Dumps - Still Remains Above Daily Support by forexbrokr

cryptocurrency · @forexbrokr · Aug 29 '19

$0.24

Bitcoin Dumps - Still Remains Above Daily Support

<center>![forexbrokr-steemit-header.png](https://cdn.steemitimages.com/DQmQ4Q8T59rTLzpY9SxBnuSHLZoAKYd4cyhYgXWcTmapWeC/forexbrokr-steemit-header.png)</center>
*Direct from the desk of Dane Williams,*
*This is not your average forex broker blog.*

---

### BTC/USD Technical Analysis
Morning team,

We've been following [Bitcoin above daily support](https://steemit.com/cryptocurrency/@forexbrokr/bitcoin-pulls-back-but-remains-above-daily-support) for a few months now, ever since it first broke above the zone in early May.

The zone is a pretty obvious one that you can see on the updated Bitcoin daily below.

**BTC/USD Daily:**
[![190829-btcusd-d1.png](https://cdn.steemitimages.com/DQmWu2JHMicAXQN4hm1JAExYqBgqxwbd62MewgZCK9Vn68e/190829-btcusd-d1.png)](https://cdn.steemitimages.com/DQmWu2JHMicAXQN4hm1JAExYqBgqxwbd62MewgZCK9Vn68e/190829-btcusd-d1.png)

As long as we are above this higher time frame support/resistance zone, I'd rather be a buyer than a seller.  Higher time frame is king and I want to be on the right side of the market when I do decide to take a position.

But take a look at that dump we got at the end of yesterday's trading session.  The hourly shows it well below.

**BTC/USD Hourly:**
[![190829-btcusd-h1.png](https://cdn.steemitimages.com/DQmeP3w1m9zSavzL38AsbgMeDuAcf68GrtpNLx2VEwTn83r/190829-btcusd-h1.png)](https://cdn.steemitimages.com/DQmeP3w1m9zSavzL38AsbgMeDuAcf68GrtpNLx2VEwTn83r/190829-btcusd-h1.png)

That's nearly a $1,000 drop in essentially a single hourly candle.  Yikes!

But look at where price was stopped in its tracks.  On the top line of our higher time frame support/resistance line.  EXACTLY to the pip.

Now of course *Crypto-Twitter* is going to try to make reasons for why price dumped like that, but as an intraday trader, I don't care.  It's all irrelevant noise.

Find your higher time frame levels for direction.  Then zoom into the intraday charts to trade short term pullbacks that will allow you to hit high risk:reward trades.

Simple.

*This is what I help traders to do inside my Inner Circle.  Click the link and get involved:*

*[Join my Inner Circle](https://forexbrokr.substack.com/subscribe)*

Best of probabilities to you,

Dane.

---

### Today's Economic Releases
**Thursday:**
NZD ANZ Business Confidence
AUD Private Capital Expenditure q/q
USD Prelim GDP q/q


---

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# *@forexbrokr | Steemit Blog*
*Market Analyst and Forex Broker.*

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👍 forexbrokr, scorer, centerlink, intothewild, adventureevryday, professorbromide, steemtaskr, danewilliams, urs, accelerator, kiddarko, hdu, ezravandi, steembusiness, map10k, krystle, terrylovejoy, ctime, g-dubs, jay.ell, nelkeljdm, positiveninja, gohba.handcrafts, alphaccino.art, metametheus, techblogger, cryptwo, niouton, imisstheoldkanye, sapphic, vincy, evlachsblog, lifeofryan, dadview, furious-one, teamaustralia, mdosev, melbourneswest, lordnigel, patricklancaster, chrisdavidphoto, mikepedro, masterwu, nolnocluap, bobaphet, webcoop, jpederson96, bec-on-the-block, thevillan, sue-stevenson, buddhist, roger-ramjet, gamersclassified, philippekiene, steemitcitizen, lucko, deividluchi, dailythoughts, baqir, bukiland, onethousandwords, cryptoslicex, buzzbeergeek, nelkel, and 24 others

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@cyberblock · Aug 29 '19

$0.02

I pray every night that alt coins will rise again

👍 forexbrokr, votes4minnows, dirtbag

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@forexbrokr · Aug 29 '19

I think this proves whichever god you’re praying to, is the wrong one. Can you tell us which one, so we can cross him off our list.

Posted using [Partiko iOS](https://partiko.app/referral/forexbrokr)

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@cyberblock · Aug 29 '19

$0.03

I usually pray to Enki just cause he saved us from the great flood. I'll try Anu tonight n see if he can help

👍 cyberblock, dirtbag

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@harryterv · Aug 29 '19

$0.02

I think that this is happening due to many people on vacation thus we have much lower buying activity on exchanges like Binance/Primexbt/Kraken etc...

👍 forexbrokr

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@forexbrokr · Aug 29 '19

Why are people on holidays in August? 

Posted using [Partiko iOS](https://partiko.app/referral/forexbrokr)

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