BTC - 24 September

Major BTC support remains unchanged slightly below $6k. The upper side of the converging triangle remains slightly open to debate as I described earlier this month. But whether you use a log scale (as I normally do) or a linear scale (as I have today), the upper side is roughly like I have indicated on the chart below:

If you zoom in more you can see that along with the lower highs of a tapering triangle, BTC is also starting to get higher lows. From a fundamental perspective I consider this to be indicative of investor confidence growing and a positive sign of an upcoming bull run. The solid black line shows a possible slanted bottom for the converging triangle since late June. It's probably actually the case that this line should not be straight, but would be more accurate if it were drawn curving slightly upward. This would tie in with growing market positivity towards crypto and fewer bears still expecting BTC dips in the near to medium-term future.

Looking in close at the current price action, we can see (as indicated by the solid green arrow) the current upwards trend. It IS possible that this could be the breakout path for BTC (as indicated by the dashed green arrow), but I doubt that. I would rate the chance of that happening as less than 15% at this stage.

A far more likely scenario is that BTC hits resistance at about $6830, which is also the short-term 0.382 Fib level, and then drops back down to around $6150 (estimated) before climbing back to the 0.236 Fib level and top of the triangle at around $6465, after which a breakout is surely on the cards, one way or another. This scenario is depicted by the dotted arrows.

There is a palpable change in investor sentiment, to the point that even the most hardcore bears must admit that bullish sentiment is rising. The timeline for such a bull market is uncertain. I would love to say that it is now very close, but the more I say that, the more is seems to stretch away into the future. So for now I will remain quiet and hold very tightly onto my bags of ridiculously under-priced altcoins in anticipation of massive ROI.

If you know of any new buyers looking to get into the market, then I strongly suggest that they buy the next dip, probably towards the end of the first week of October. DYOR, but do it soon!

Yours in crypto,
Bit Brain

All charts made on TradingView by Bit brain

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by Bit Brain

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