BTC - 28 September
BTC 28 September
The dip of 25 September was a rather large one, in fact it was so large that I thought it was the end of the rally. I was wrong about that. BTC (and the crypto market in general) bounced back from the market manipulation (or was pumped back, depending on how you see it). That manipulation was discussed in the post linked to at the start of this paragraph. Since then BTC price resumed it's original trajectory.
Here is the last BTC picture I published, at that stage it had hit a low and looked like it was about to follow the blue arrow downwards:
Of course since then things have changed quite a bit:
It looks like BTC may now have hit the resistance line. If that is the case, then it should drop very shortly. If it has not yet quite reached resistance (it still has a few dollars to go, though these things are never cast on stone), then it will surely do so very shortly and the price will drop thereafter.
I'm still expecting a price drop to the region of $6150 based roughly on the successive higher lows BTC has been experiencing lately.
BTC has formed a solid bear flag and I consider the price drop to be fairly inevitable. It is evident to me that we are not busy with a bullish breakout, not yet anyway. Below you can see how BTC has been climbing in a range-bound fashion to create the bear flag:
The Fib levels in the "range" are unimportant, I'm still experimenting with them, but the standard Fib levels still apply, meaning that a price level of about $6800 is not only a resistance level formed by the converging BTC price triangle, but also by the 0.382 Fib level. The chart below illustrates the bigger picture:
I still consider the major support level of around $6000 to be solid. Unlike many other analysts, I am still not expecting to see lower BTC lows. I am patiently waiting for this converging triangle to reach a breakout point and thereafter I expect the market to turn very bullish. The fundamentals are all in place for a great bull run; all that we require now is a catalyst, and that could be anything!
Yours in crypto,
Bit Brain
All charts created by Bit Brain with TradingView
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by Bit Brain
It is the first time in a while that I am seeing many diverging thoughts based on technical analysis. Since I am horrible with charts, I will just sit for the ride.
😂
The mere fact that you say that gives you a clear indication of what is happening:
The major investor sentiment - which has been bearish for a long time - is in a state of flux. This corresponds with the market bottoming out, shifting sideways and preparing to rise. Those who are hard core bears will remain so, those who look ahead a bit further will be bullish. Many will be undecided, as the majority of the market does what you are doing now, it follows the flow.
As I said a week back, this is The Turning of the Tide.