The Bitcoin price has seen some major volitility this week with Morgan Stanley Investment Management’s chief strategist and head of emerging markets Ruchir Sharma believes that the huge money printing by the U.S. Federal Reserve is likely to stoke inflation and interest rates could rise as early as next year and surprise everyone. Therefore, he suggests traders keep about 5% of their portfolio in gold, and for the adventurous in Bitcoin, over the next three to five years.

Bloomberg analyst Mike McGlone said that on a 12-month basis, the correlation between gold and Bitcoin price is at its highest level since 2010. This shows that Bitcoin price is behaving as a store of value, ratifying the belief of the crypto community that in the digital age, Bitcoin is digital gold.

Bitcoin Price_Main
BITCOIN PRICE CONSOLIDATES - AS TRADERS BOOK PROFITS

The Nasdaq listed business intelligence company MicroStrategy told the U.S. Securities and Exchange Commission on Monday that it might add to its $250 million worth of Bitcoin purchased in August. This could start the trend where companies keep their treasury in cryptocurrencies rather than fiat currencies.

A few traders are buying call options at the $36,000 and $32,000 strike price expiring on December 25. However, the possibility of such a move is less than 2%. Options can be used to form various complex strategies; hence, traders should not get overly excited about these options purchases.

Let’s look at the charts of the major cryptocurrencies to find the path of least resistance.

Bitcoin Price Chart – How to Trade BTC/USD

Bitcoin stayed below the $10,500 level from September 3-13 but the bears could not capitalise on this and hammer the price below the $9,813 support. This suggests that the bulls were accumulating below the $10,500 level.

On September 14, the bulls pushed the price back above $10,500 and the 20-day EMA. This indicates the possible start of a relief rally that can reach the 50-day SMA. The bears are likely to defend this level aggressively.

However, if the bulls do not give up much ground and arrest the next decline above $10,500, it will suggest that the correction is over.

We had suggested traders initiate long positions on a break above $10,650 and that filled on September 14. Aggressive traders can book profits on 50% of the positions close to the 50-day SMA and buy again on a bounce off $10,500.

Positional traders can hold their long positions with a stop of $9,800 as a rally to $12,486.61 is possible. The stops can be trailed higher as the BTC/USD pair moves above the $11,000 levels.

The 20-day EMA has flattened out and the RSI has risen to the midpoint, which shows that the selling pressure has reduced.

The trend will turn in favour of the bears if the price reverses direction from the current levels and breaks below $9,800. Such a move will be a huge negative that can result in a drop to $9,000 and then to $8,000 levels.

Ethereum Price chart – How To Trade ETH/USD

Although the Ethereum price chart broke below the $364.49 support with force on September 5, the bears could not capitalise on this weakness. Therefore, the short positions that we had suggested in our previous analysis did not play out and hit their stop-loss.

When the price does not fall, the aggressive bulls jump on the opportunity and buy and that is what happened in the Ethereum price chart.

On September 10, the bulls pushed the Ethereum price chart back above the $364.49 level but the bears attempted to stall the relief rally at the 50-day SMA. They tried to resume the down move on September 13 but failed to sustain the price below $364.49.

This shows that the bulls are aggressively defending this support. If the Ethereum price chart rebounds off the current levels and breaks above $390.41, a rally to $447.50 and then to $488.95 is possible.

The traders can enter long positions after the price sustains above $390.41 and keep a close stop-loss below $350.

Contrary to this assumption, if the pair turns down from the current levels and slips below $350, a drop to $325 and then to $310 is likely. Hence, bottom fishing should be avoided if the Ethereum price chart remains below $364.49.

XRP Price Chart – How To Trade XRP/USD

XRP price chart is currently attempting a relief rally but is finding it difficult to rise above the 20-day EMA, which suggests that the bears are aggressively defending this resistance.

However, the next leg of the down move will start only after the bears break below the $0.23 support. Below this level, a drop to $0.19429 is likely. Hence, aggressive traders can short below $0.23 and keep the stops just above $0.255.

Contrary to this assumption, if the bulls push the XRP price chart above the 20-day EMA, a move to $0.26756 is possible. Such a move will suggest that the downtrend might be over.

If the XRP price chart pair turns down from $0.26756, a few days of range-bound action is possible. But if the bulls can propel the XRP price chart above $0.26756, a rally to $0.30 and then to $0.32750 is likely.

We do not find any reliable buy setup at the current levels; hence, we are not suggesting a trade in it.

Bitcoin Cash Price USD – How To Trade BCH/USD

After the sharp fall on September 3, Bitcoin Cash formed a symmetrical triangle, which suggested indecision among the bulls and the bears about the next directional move.

Today, the bulls have pushed the Bitcoin Cash price above the symmetrical triangle, which is a positive sign. If they can scale the Bitcoin Cash price above the 20-day EMA, the relief rally is likely to pick up momentum.

However, the bears are unlikely to give up without a fight. They will try to defend the 20-day EMA aggressively. If the Bitcoin Cash price turns down from the current levels and breaks below $219, a retest of $200 is possible.

On the other hand, if the next dip from the current levels stays above the $234 level, aggressive traders can initiate long positions with a stop-loss of $195. The target objective of this trade is $280.

Another possible buying opportunity will open up if the BCH/USD pair rebounds off the $200 or $220 support.

DOT Price – How To Trade DOT/USD

Polkadot is the new entrant in the top 5 cryptocurrencies. It had corrected sharply from $6.859 on September 1 to $3.592 on September 5.

Currently, the bulls are attempting a relief rally that has reached close to the 61.8% Fibonacci retracement level of $5.611. The bears are likely to defend this level aggressively.

On the way down, the bulls will try to buy the dips to the trendline. If the price rebounds off this level, the bulls will once again attempt to resume the relief rally. The next target is the 78.6% retracement level of $6.15 and above it $6.859.

However, if the price turns down from the current levels and breaks below the trendline, a drop to $4.50 and then to $4 is possible. We do not find a reliable buy set up in it; hence, we are not suggesting any trade.

 

Bitcoin price could drop to $8000 - 8th September

 

The Bitcoin Price has seen some major volitity of the past 24 hours. The U.S. stock markets led by the technology companies, gold, crypto markets, and crude oil were all down last week, which suggests that the traders booked profits in all asset classes.

The total crypto market capitalization dropped from over $394 billion on September 2 to about $313 billion on September 6, which is a 20% fall.

In an Crypto uptrend, a fall of about 20% is considered as healthy as it shakes out the weak hands who are in for a quick buck.

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BITCOIN PRICE CONSOLIDATES DROPS AS TRADERS BOOK PROFITS

The Bitcoin price It also provides an opportunity for long-term investors to add to their positions or take fresh positions at lower levels. Hence, the traders should view the current fall as a buying opportunity instead of panicking.

Blockchain data suggests that new traders have used the current dip to buy Bitcoin. Data from Glassnode shows that the number of “accumulation addresses” has increased by 2% in the past three weeks. While these are new traders, data from analytics site Santiment shows that whales have been purchasing Ether during the current fall.

However, as the sentiment is currently bearish, traders should not be in a hurry to buy. They should wait for the confirmation of a bottom before attempting to buy because it is difficult to predict which correction will start the next bear market. Let’s analyse the charts of the top cryptocurrencies to see if we spot any bottom formations?

Bitcoin Price Chart – How to Trade BTC/USD

bitcoin price_BTC

Bitcoin price failed to break above the $12,134.29 resistance on September 1, which attracted profit booking from the short-term traders.

However, the selling intensified when the bears broke below the $11,100 support because that completed a head and shoulders pattern. The target objective of this setup is $9,713.39 and the Bitcoin price touched a low of $9,813 on September 5.

Currently, the bulls are attempting to defend the psychological level of $10,000 because if the Bitcoin price pair sustains below this level, it is likely to attract further selling that can drag the price to $9,000 and then to $8,000.

The moving averages have completed a bearish crossover and the RSI has been trading below the 40 level, which suggests that the advantage has shifted in favour of the bears.

If the Bitcoin price dips below $9,813, the next leg of the downtrend is likely to start. On the other hand, if the bulls push the Bitcoin price above $10,638.34, a retest of $11,100 is possible. The bearish view will be invalidated if the bulls can push the Bitcoin price back above $11,100.

The sentiment is currently negative; hence, traders can enter short positions below $9,800 but keep a close stop-loss. On the upside, long positions can be considered above $10,650. However, these are not high conviction trades, hence, only aggressive traders should attempt them with a position size of about 40% of usual.

Ethereum Price chart – How To Trade ETH/USD

ETHUSD

Ethereum Price chart broke above the $447.50 resistance on September 1 and rallied to an intraday high of $488.95, which hit our first target objective of $480, as mentioned in the previous analysis.

We had also told traders to keep raising their stop-loss to protect their paper profits because anything can happen in trading.

On September 2, the bears pulled the Ethereum Price chart back below the breakout level of $447.50, which must have caught several aggressive bulls off-guard. The failure to push the Ethereum Price chart back above $447.50 on September 3 attracted selling that pulled the Ethereum Price chart down to the critical support at $364.49.

Although the bulls attempted to defend this level on September 4, renewed selling on September 5 broke below this level. Since then, the bulls have not been able to push the price back above $364.49, which is a negative sign.

If the bulls do not reclaim the level within the next few days, the bears will resume their selling and try to break below $310. If they succeed, the next support is way lower at $240.

The moving averages are on the verge of a bearish crossover and the RSI is in the negative zone, which suggests that the bears are in command.

The aggressive traders can attempt to sell at the current levels and keep the stop-loss at $380. Keep the position size only about 40% of usual.

Risk-averse traders can wait for the price to sustain above $364.49 for three days before turning positive.

XRP Price Chart – How To Trade XRP/USD

XRP Price

XRP price chart triggered the buy stop on September 1 as suggested in the previous analysis but after rising marginally on September 2, the altcoin turned around sharply and plunged.

That was followed by further selling on September 3, which pulled down the price below the $0.26441-$0.255 support zone.

The bulls tried to push the XRP price chart back above the breakdown level of $0.26441 on September 4 but failed, which suggests selling by the bears on relief rallies.

Currently, the bulls are attempting to defend the $0.23 levels but the rebound lacks strength. The downsloping 20-day EMA and the RSI in the negative zone suggest that bears have the upper hand.

If the bears sink the price below $0.23, the XRP/USD pair could give back all the recent gains and complete a 100% retracement and fall to $0.19429.

The aggressive traders can stay on the short side if the XRP price chart breaks $0.23 support but keep a close stop-loss and reduce the position size to about 40% of usual. Risk-averse traders can remain on the sidelines.

Bitcoin Cash Price USD – How To Trade BCH/USD

BCH Price

Bitcoin Cash price USD broke above the $280 resistance on September 1, which triggered the buy for aggressive traders. However, the bulls could not build upon this move and the altcoin turned down on September 2 and plunged back below the breakout level.

That was followed by another sharp move down on September 3, which dragged the price down to the critical $200 support.

Currently, the bulls are attempting to defend this support as this has not been breached convincingly since mid-March. However, the bulls have failed to achieve a meaningful bounce off the $200 level, which suggests a lack of urgency among the bulls to buy even at these levels.

If the bears sink the Bitcoin Cash price USD below $200, the decline could extend to $140, which will be a huge negative.

However, if the Bitcoin Cash price USD pair rebounds off the $200 support during the next decline, it could offer a buying opportunity to the traders with a close stop-loss. This is again an aggressive trade; hence, the position size can be 40% of usual.

Link USD Price – How To Trade LINK/USD

Link Price

Chainlink did not complete the ascending triangle pattern, hence, our suggested trade in the previous analysis did not trigger.

The selling on September 2 broke below the trendline of the ascending triangle, which was followed by further selling that dragged the price down to the 78.6% Fibonacci retracement level of the last leg of the rally.

Currently, the bulls are attempting to sustain the price above the 50-day SMA. Above this level, the bears are likely to aggressively defend the 20-day EMA. If the price turns down from this resistance, the sellers will attempt to resume the downtrend.

The LINK/USD pair is likely to turn positive if the bulls can push the price above the 20-day EMA and sustain it. We do not find any reliable buy or sell setups at the current levels.

Crypto Market Analysis – Top 5 Crypto Buy and Sell Levels - 1st September

Bitcoins Price is likely to consolidate for a few more days as Ethereum is likely to lead the markets higher Select altcoins could attempt to resume the uptrend while Bitcoin remains stuck in a range for some more time.

The U.S. Federal Reserve has altered its stance on the way it views inflation. On August 27, the Fed Chairman Jerome Powell said that the central bank will allow inflation to sustain above the 2% target “for some time” if it has been below that level for a long time.

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BITCOIN PRICE CONSOLIDATES AND FIDELITY’S NEW BITCOIN FUND

Some analysts believe that this could keep interest rates near zero for about five years. The US dollar index DXY, which was attempting a recovery turned down after this new change and resumed its downtrend.

Another notable move was that billionaire Warren Buffet purchased just over a 5% stake in five Japanese trading houses for over $6 billion. This move was seen by Max Keiser of the Keiser report as a big thumbs down to the US dollar. Hence, Keiser expects Bitcoin, gold and silver to outperform in the near term.

In order to attract the institutional investor, Fidelity has filed an application with the U.S. Securities and Exchange Commission to create a Bitcoin fund. This is a huge positive because if the institutional investors decide to park even a small amount of funds in Bitcoin, it will boost prices.

Although the fundamentals point to a rally in Bitcoin, does the technical also support an up-move? Let’s find out.

Bitcoin Price Chart – How to Trade BTC/USD

The Bitcoin price chart  bears attempted to sink Bitcoin below the immediate support of $11,100 on August 25 and 27 but failed as aggressive buying by the bulls resulted in a rebound that has pushed the price above the 20-day EMA.

However, the momentum has not picked up, which shows that the demand dries up at higher levels.

The 20-day EMA has flattened out and the RSI is just above the midpoint, which suggests a balance between supply in demand. In such a case, the Bitcoin price chart action remains stuck in a range without any specific direction.

Still, if the bulls can sustain the Bitcoin price chart above the 20-day EMA, a move to the overhead resistance of $12,134.29 and then to $12,486.61 is likely. The bears will try to defend this resistance zone aggressively. If the Bitcoin price chart turns down, then the range-bound action will continue.

However, if the bulls succeed in pushing the Bitcoin price chart above $12,486.61, the uptrend is likely to resume with the first target at $13,000 and then $14,000.

As the Bitcoin price chart  USD pair is stuck in a small range of $11,100 to $12,134.29, short-term traders can buy near the support and sell near the resistance.

Another opportunity could open up after the bulls propel the Bitcoin price chart above $12,500. Until then, we suggest traders remain on the sidelines.

Ethereum Price chart – How To Trade ETH/USD

Ethereum Price chart fell close to the $364.49 support on August 25 and 27 but the bears could not sink the Ethereum Price chart below it, which shows that the bulls were accumulating close to this level.

This gave an opportunity to the traders to buy as suggested in our previous analysis. The sharp up-move today has pushed the Ethereum Price chart above the overhead resistance at $447.50, which is a huge positive.

The 20-day EMA has started to rise once again and the RSI has climbed above the 60 levels, which suggests that the bulls are in command.

If they can sustain the price above $447.50, the uptrend is likely to resume with the first target at $480 and then $550.

However, the bears are likely to have other plans as they will try to fake the breakout above $447.50. If the Ethereum Price chart turns down from the current levels, it could drop to $415 and remain stuck in this range for a few days.

Therefore, traders should always protect their positions with a stop-loss. As the Ethereum Price chart keeps moving higher, traders can trail the stops to protect the paper profits.

XRP Price Chart – How To Trade XRP/USD

XRP Price Chart plunged below the $0.26756 support on August 27 but the bears could not capitalise on this breakdown because the XRP Price Chart rebounded off the 50-day SMA. This shows that the bulls are still buying on dips and not panicking.

The altcoin climbed back above $0.26756 on August 28, which shows that the breakdown on the previous day was a bear trap. Usually, such a quick reversal within a day offers a low-risk short-term buying opportunity.

The bulls pushed the XRP Price Chart above the 20-day EMA on August 30 and have followed it up with another sharp move today. This shows that the bulls are back in action and they will now try to push the XRP Price Chart USD pair to $0.3275.

This bullish view will be invalidated if the pair turns down from the current levels and sinks below the 20-day EMA. Such a move will suggest that bears are aggressively selling on relief rallies.

The traders can buy if the XRP Price Chart sustains above $0.293 for a few hours, with the initial stops being kept just below the August 27 lows. The stops can be trailed higher as the XRP Price Chart moves northwards.

Bitcoin Cash Price USD – How To Trade BCH/USD

Bitcoin Cash price USD broke and closed (UTC time) below the $280 support on August 25, which suggested that the bears have overpowered the bulls. The selling intensified and the bears broke the 50-day SMA on August 27.

However, buying was seen below the $260 level, which resulted in a rebound off the lows.

In a downtrend, the bears aggressively sell on rallies. Hence, the bounce hit a wall close to the breakdown level of $280 on August 30 and the Bitcoin Cash price USD pair turned down from the 20-day EMA on August 31.

The bears will try to sink the Bitcoin Cash price USD below $258.44 and extend the decline to the next support at $245. On the other hand, the bulls will try to push the Bitcoin Cash price USD above $280 and sustain it.

We do not find any buy setups at the current levels but if the Bitcoin Cash price USD rises and sustains above $280, aggressive traders might consider taking long positions with the stop-loss placed below the recent lows and the target objective at $326.73. However, as this is a low-reliability trade, the position size can be 50% of the usual.

Link USD Price – How To Trade LINK/USD

Link USD Price broke below the 20-day EMA on several occasions but the bears could not sink the price to the 50-day SMA, which shows that the bulls continued to buy at lower levels.

When the Link USD Price refuses to fall even after breaking below a critical support, aggressive traders see this as an opportunity and start accumulating. That happened between August 25 and 28, which resulted in a sharp up-move on August 29.

However, the bears aggressively defended the overhead resistance at $17.74 and the LINK/USD pair turned down from there on August 30.

Currently, the pair has formed an ascending triangle pattern, which will complete on a breakout and close (UTC time) above $17.74. If that happens, a move to $20 and then to $22.64 is possible. Hence, traders can attempt to buy above $17.74 with a close stop-loss.

This bullish view will be invalidated if the pair turns down and plummets below the trendline of the triangle.

Bitcoin Price is Range Bound When To Buy And When To Sell – 25th August 2020

Due to the Bitcoin price the larger players have been accumulating Bitcoin as seen from the new all-time high in the number of addresses that hold over 1,000 Bitcoin.

That could be because investors are worried that the huge stimulus measures announced by the central banks in response to the coronavirus pandemic will eventually lead to inflation and debasing of the value of fiat currencies and in turn a rise in the Bitcoin Price.

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Bitcoin Price And New Cases of adoption

Snappa, a new software startup based out of Ottawa, announced that it will keep about 40% of its cash reserves in Bitcoin, not to speculate on the Bitcoin price but as the company’s co-founder Christopher Gimmer said that Bitcoin was “a far superior savings technology” compared to cash reserves and the company does not “plan on selling anytime soon.”

A few days back, MicroStrategy, a Nasdaq-listed software firm had bought about $250 million worth of Bitcoin rather than keeping the reserves in cash. Again not an example of Bitcoin price speculation but this shows that gradually the companies and the institutional players are realising the potential of Bitcoin.

However, this does not mean that everyone is bullish on Bitcoin. Micheal O’Leary — the CEO of major budget airline Ryanair — compared Bitcoin to a “ponzi scheme” and advised people to avoid it “like a plague.”

As Bitcoin and the Bitcoin price is a new asset class, it will take some more time for it to gain widespread adoption. Therefore, traders can accumulate Bitcoin on sharp bitcoin price declines and hold it for the long-term.

Bitcoin Price Chart – How to Trade BTC/USD

bitcoin price_BTC

The Bitcoin price chart As we had mentioned in the previous analysis, the bears attempt to fake almost every breakout. They did just that when they dragged the Bitcoin price chart back below the $12,134.29 support on August 18.

Although the bulls held the first dip to the 20-day EMA on August 19, they could not sustain the bounce, which suggests a lack of buyers at higher levels. On August 21, the Bitcoin price chart to hit our suggested stop-loss at $11,500.

The 20-day EMA has flattened out and the RSI has dropped close to the midpoint, which suggests a balance between supply and demand. This could result in a few days of range-bound action.

On the downside, if the bears can sustain the price below the 20-day EMA, a drop to the $10,900-$11,100 support zone is possible. The bulls will defend this Bitcoin price chart zone aggressively but if the bears break it, the decline can extend to $10,500.

The resistance of the range is $12,134.29 and above it $12,486.61. However, as the support of the possible range is still not established, traders should wait on the sidelines.

There are two possible trading opportunities. If the Bitcoin price chart bounces off $10,900 or $10,500, traders can buy a small position and expect the price to move up to $12,134.29.

Another opportunity will arise if the Bitcoin price chart soars from the current levels and closes above the overhead resistance. Such a move will suggest a pick up in the momentum and can be traded with a close stop-loss.

Ethereum Price chart – How To Trade ETH/USD

bitcoin price_ETH

Ethereum Price chart plunged below the $415 support on August 19 and took support on the 20-day EMA as we had anticipated.

However, the bulls could not sustain the rebound above $415, which suggests a lack of demand at higher levels. That resulted in a sharp fall on August 21 that hit the stop-loss at $390.

Currently, the Ethereum Price chart is stuck between $380 and $415. This tight range trading suggests a balance between supply and demand. The 20-day EMA has flattened out and the RSI is just above the 50 level, which points to a range-bound action in the near-term.

If this range resolves to the upside and the bulls push the Ethereum Price chart above $415, a retest of $447.50 is likely. If this level is scaled, the uptrend is likely to resume with the next target at $480.

Conversely, if the bears sink the Ethereum Price chart below $380, a drop to $364.49 is possible. This is an important support to watch out for. If this also cracks, the Ethereum Price chart could sink to $334.

The traders can buy 50% of the desired position closer to the supports, but the long positions should be initiated after the price bounces off the support, instead of buying on the way down. The remaining positions can be added after the price sustains above $415.

If the $380 support cracks, traders can watch the Ethereum Price chart action at $364.49 and then buy with the stops placed just below this critical support.

XRP Price Chart – How To Trade XRP/USD

bitcoin price_XRP

XRP price chart turned down from $0.32750 on August 17 and has continued lower since then, which suggests that the bears are aggressively defending the higher levels.
The 20-day EMA has flattened out and the RSI is close to the midpoint, which suggests a balance between demand and supply.
Currently, the XRP price chart is stuck between $0.32750 and $0.26756. In a range, the best time to buy is on a bounce off the support and the time to sell is closer to the resistance.
In this case, if the price rebounds off $0.26756, it could offer a buying opportunity as the bulls will try to propel the XRP price chart to the resistance to $0.32750.
However, trading in a range can be volatile, hence, traders should keep the position size only about 40-50% of usual.
Conversely, if the bears sink the XRP price chart below $0.26756, long positions should be avoided because then, the decline can extend to the 50-day SMA.

Bitcoin Cash Price USD – How To Trade BCH/USD

The bulls could not push Bitcoin Cash price USD above the $326.73 resistance on August 17 and 18. That attracted profit booking from the short-term traders, which resulted in a decline to the $280 support.

Although the bulls have held the $280 support for the past few days, they have not been able to push and sustain the Bitcoin Cash price USD above the 20-day EMA, which is a negative sign. This shows that the bears are aggressively defending this resistance.
If the bears can sink and sustain the price below $280, the Bitcoin Cash price USD is likely to drop to $245. Though the 50-day SMA might act as a minor support, it is unlikely to hold.

Contrary to this assumption, if the bulls can sustain the Bitcoin Cash price USD above $295, a move to $326.73 will be underway.

Link USD Price – How To Trade LINK/USD

We had warned traders in our earlier analysis that vertical rallies are unsustainable and that is what happened. Chainlink has entered a period of correction after topping out at $20 on August 16.

The altcoin plunged below the 20-day EMA on August 21 but the lack of follow up selling resulted in a sharp recovery on August 22. However, the bulls are struggling to sustain the price above $16, which is a negative sign.

If the bears can again sink the price below the 20-day EMA, a drop to $12.84 and then to the 61.8% Fibonacci retracement level of $11.66936 is likely. Such a move will be a huge negative.

Conversely, if the bulls can push the price above $16, a move to $17.72834 is possible. If this level is also scaled, a retest of $20 will be on the cards. We do not find a reliable buy setup; hence, we are not proposing a trade in it.

Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.

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