Bitcoin in Q4

1 Okt

As "Uptober" begins the layout for Bitcoin is as follows:

- Downtrend on the daily officially since 18th September but really it began after the SFP of ATH on August 14th.

- The origin of the rally to ATH has served as support twice since at $108,000

- Diagonal trendline resistance being tested as Q4 begins, seasonality shows October is very strong for returns, 21.89% average since 2019.

- Compression of the range inevitably leads to a breakout in either direction.

Bullish scenario is reclaim of $117,500 to push towards ATH.
Bearish scenario is a loss of $108,000

2 Okt

Nota

There's the breakout on BTC and a push past the grey resistance area.

Next steps would be consolidation and continuation higher, this would show massive strength from the bulls and IMO would leave many sidelined.

OR

A retest of the breakout ~$115,000 which is inline with a daily bullish orderblock, a positive reaction from this point would set up the rally for ATH.

Any bullish trade idea would be invalidated if price accepts back within the downtrend limits.

6 hari lalu

Nota

There is the first run at the highs since mid August after a strong breakout.

Still rangebound between $124,500 & $108,000 until proven otherwise.