Will BTC make a new local low this month?
BTC failed to break the downtrend resistance since 20 August 2019, resulting in a big drop to ($9,900 - $10,000) area. If the strong support established since mid-July 2019 fails to hold the price, BTC will make a new low this month.
Though there has a small pumping of BTC in the last hour, however, buying force is still quite low. Besides, the orders on BitMEX are tilted toward the shorts, indicates that BTC will have a higher chance to find lower support.
BTC price must hold above $9,000 (local low on mid-July 2019) to maintain bullish favor in mid- and long-term point of view.
BTC failed to break the downtrend resistance since 20 August 2019, resulting in a big drop to ($9,900 - $10,000) area. If the strong support established since mid-July 2019 fails to hold the price, BTC will make a new low this month.
Though there has a small pumping of BTC in the last hour, however, buying force is still quite low. Besides, the orders on BitMEX are tilted toward the shorts, indicates that BTC will have a higher chance to find lower support.
BTC price must hold above $9,000 (local low on mid-July 2019) to maintain bullish favor in mid- and long-term point of view.
