Paul Tudor Jones

Bitcoin This Week: All Eyes on Fed Meeting After $10,500-Rejection

Bitcoin closed last week with a brief jump above $10,500, a critical resistance target that excited traders into booking their short-term profits. The result was a dump. Bitcoin’s benchmark symbol BTC/USD trimmed about $350 off its weekly top overnight. Furthermore, the pair fell into the same trading range that trapped its breakout moves throughout this September. Entering the new week, the technical outlook for BTC/USD remains the same as before: Fluctuate inside the $9,800-$10,400 area. Bitcoin rejects $10,500 to enter the previous consolidation range. Chart Source: TradingView Josh Rager, the

Bitcoin long-term Price Analysis: 07 September

The descent in Bitcoin’s price has been drastic but at the time of writing, it was holding steady above the $10,000 level, something that, as we all know, is ephemeral. Bitcoin’s price wants to dip to the low-$9,000s and the same will happen eventually, however, until then, keeping your hands off trading would be good self-control.The long-term scenario for Bitcoin, at press time, seemed bleak for obvious reasons.Bitcoin 1-day chartSource: BTCUSD TradingViewAlthough Bitcoin’s 1-day chart showed the price’s breakout off the rising wedge, the interesting part was the rapid descent

“Wise to Exit” Bitcoin Long Positions If This Happens

A bullish Bitcoin technical pattern that has held firm since October 2019 flashed once again this week. It is an uptrend–an ascending channel–wherein BTC/USD’s momentum indicator is making higher highs and higher lows. The so-called Relative Strength Index reverses its uptrend after its tests the upper trendline of the Channel. Similarly, it bounces back after testing the lower trendline of the Channel. On August 25, the RSI fell towards the Channel support once again. The index changed directions to the upside later, confirming itself as “a great entry” for traders