Bitcoin dips might continue until 9k

By Vivi Bala | BTC Reflections | 9 Sep 2020


Morning all.

 

Not much of a bounce on $BTC after the fun and games on Saturday night where price tested $9,836 but did not go for a close of the much debated CME gap and so that story is still very much on the table at the moment.

The price action range remained tight yesterday and is not showing any signs of life this morning either.

The $9,800 buy wall on Coinbase Pro is still weak, with those orders appearing to now be spread-out from $9,800 down to $9,600. The buy wall at $9,000 is still in place.

I think one thing that is helping price hold up is the commentators have managed to get a new narrative going as to whether this weekend was the last chance to buy Bitcoin under $10,000. That could be creating a sense of urgency to get some exposure now before price explodes and helping underpin the dips to the $10k level.

So we're in an interesting phase right now. there was  Labour Day in the US so trading volume might was light. My bias is still to the side of more weakness ahead I have some buy orders ready for a dip into mid 9k's for this and I'm not tempted to buy right now on the basis on this narrative the Bitcoin won't go below 10k again.

What's your expectations? Is this the last time we will have seen Bitcoin dip below $10k?

 

Thanks for your time.

Best Regards VB

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Vivi Bala
Vivi Bala

I am just a simple person


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