Bitcoin Price Short-Term Forecast For Sept. 5, 2018

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market makes a pullback and this pullback is very scary. Yes, we waited for a pullback but not like this one that even all altcoins are bleeding heavily.

Let's jump quickly into the action:

If we want to see a bullish market structure then we have to bounce upwards almost immediately because we are in the strong support area and break below could mean disaster.

Strong area (green triangle) and possible bounce criteria:

1. Round number $7,000
2. May low
3. In the four-hour chart 100 and 200 EMA which starts to work as supports
4. Trendline from wicks since Aug. 14
5. Trendline from bodies since Aug. 14
6. The market structure could still  make a higher low which will be a very good sign
7. Bigger Fibonacci retracement level pulled from Aug. 22. to Sept.4, is 38 percent
8. Smaller Fibonacci retracement, pulled from Aug. 4 to Aug. 30, is between the two main levels: 62 percent and 70.5 percent
9. We still have an EMA golden cross on the four-hour timeframe (100&200).

Targets: the maximum first target could be around $7,280 but it is hard to tell how the market and how people will react to this "crash.” Definitely, people are superstition and scared again.

So, if we drop below those strong criteria's and we get a close below the strong support area at $6,767 then we have a lower market structure and we are below the EMA's which all indicates that the price may change from short-term uptrend to downtrend.

Also, we have a big continuation batter called "Rising Wedge.” Close below the rising wedge bottom trendline is an indicator that the bigger trend may continue, the bigger trend is still downwards and we can now test the lower levels.