BITCOIN REACHING TOWARDS 7,300. FURTHER SIDE-WAY PRICE ACTION EXPECTED

Bitcoin has been performing a series of crab walks with each end followed by a less spectacular upward price action. The 6k floor continues to harden the psychological support level in the market.

With the price now firmly under the 200MA, the 200MA and 6k support line converge to the next upward support trend line (red), each of which have been progressively broken. I’m waiting for possible price action sometime during October 2019. If it’s anything like the previous breaks of resistance it will just continue it’s sideways price action though I'm hoping for a move lower between 4k and 5k in line with historical movements.

As mentioned in my previous post on cross-rates against BTC, I'm cautious of the downward trend in the altcoin market such as ETHBTC. With each each Bitcoin downward swing , the dominant coin hurts the altcoin market a bit more each time.

(This is not trading or investment advice)