Nothing Left In Bitcoin's Way!
The local bottom is in.
All resistance lines are extremely weak.
We face our final resistance line at around $8000-$9000 depending on the timing. If we get there quickly (within days) I expect a pretty fierce bounce off it, but if it takes a while I think it will explode through.
October is still a bad month and many of the suckers are still salty about the Bakkt dump. Gotta generate some FOMO to get them to buy back in at a higher level. Silly suckers.
In any case, say it takes two weeks to reach that resistance line... that puts it around $8400. That's only $200 higher than it is right now. It's this sad resistance line vs an entire winter bull run. The longer this resistance holds the more pressure will build.
This building of pressure would then create a spike breakout that would correct rather quickly. Might even be worth a tiny day trade if we're feeling adventurous.
I feel like this is a likely scenario because trading bots are looking at that resistance line like it's Scary Larry. There are going to be a lot of traders who are going to want to hedge their bets on this one. Sell right before the resistance line; buy back in in the event of a breakout. This is the safe play, and a lot of bots are going to take it.
This safe play is going to create that pressure I was talking about that will shoot through the line with a violent correction. If a bunch of people are selling right before the line into random aggressive holders, they all have to buy back in during a breakout in the upward direction, but they'll also be buying in with everyone else who's bullish on the breakout. It should create a small liquidity issue.
Anyone remember early April 2019?
We are in the exact same pattern.
so you're saying their won't be a correction
:D
Perhaps I'm over-exaggerating it. Let's find out!
I expect resistance to be broken around Oct 25-28.
Longer than that means a bigger breakout.
Are you looking at volumes on cmc mainly? The one on binance didn't seem that big yet, I'd rather look at @coingecko to compare but then again maybe even less volume is needed now to get a pump or the next bull run going if there's less supply and even less sell pressure.
I expect volume to ramp up when we're a lot closer to the resistance line.
The last time this happened (April 1-3) we just kind of coasted through the resistance and spiked up $1000 and never looked back. We went from $4000 to $5000 near instantly. I expect $8000-$10000 in the same manner.
+25% due to technicals
lets all hope for the bull run to get the excitement back, because things has been staled for awhile now
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