On the 4-hour TF, it is visible that the price has resumed its course to the level of $ 18,500. Moreover, this time it failed to grow to the upper border of the side channel, that is, to $ 24,350. From our point of view, this may be a new fall. As we have already said, traders can now wait for the September Fed meeting, which will take place next week and may become a "trigger" for investors. The fall may begin even earlier since the outcome of the Fed meeting is already almost 100% known. However, we still remind you that no expert's forecast can be considered 100% correct. Therefore, in the case of overcoming the $ 24,350, it will be possible to consider the option with the growth of bitcoin. Moreover, in this case, it will be above the long-term downward trend line on the 24-hour TF.
As always, there are those in the market who predict the new growth of bitcoin and those who predict its collapse. Robert Kiyosaki, the author of the bestseller "Rich Dad, Poor Dad," an economist and investor, believes that the markets will continue declining. He said that the dollar would lose its status as the world's reserve currency, and the demand for cryptocurrencies would grow significantly in the coming years. He also predicted the collapse of the global economy. However, his appeal, which consists of buying cryptocurrencies, gold, and silver at current prices, can be questioned. If it occurs, the collapse of the US dollar, the markets, and the world economy will not occur in the next few months, during which these markets may fall even lower.
We do not share Kiyosaki's point of view regarding the collapse of the global economy, but we believe that the markets (stocks, real estate, ETFs, and others) will continue to fall. At least because of the central banks' strong tightening of monetary policy and the unprecedented stimulus programs during the pandemic. Thus, we are waiting for a stronger drop in the cryptocurrency market. It will be possible to buy bitcoin when this happens, but it's too early now. Moreover, there is not a single buy signal. Kiyosaki also noted that now is the "time of the poor," as everyone can afford to buy silver, which will surely rise in price at least five times in the coming years. Cryptocurrencies are also getting cheaper and becoming more and more accessible. There will be a trend reversal, but most likely later.
In the 4-hour timeframe, the quotes of "bitcoin" apparently completed an upward correction. We believe the decline will continue in the medium term, but we need to wait for the price to consolidate below the $17,582-$18,500 area. If this happens, the first target for the fall will be the level of $ 12,426. A rebound from the $24,350 level can also be used for sales.