BTC has been in a correction since reaching its most recent ATH of 124,474 USDT. As shown in the shared chart, the correction has formed a bullish falling wedge and this chart pattern was strongly broken to the bullish side with good volume after bouncing off from the 0.618 Fibonacci level of the recent decent.
The breakout is further confirmed by the fact that RSI in the daily frame has bounced off the 38.28 support, where it has not being broken since mid-June.
Even though a strong breakout took place, the price action seems to struggle to break the basis line of the Bollinger Band in the daily time frame. This can be the healthy price action waiting to continue the bullish momentum and waiting for this breakout will be the ultimate conformation.
Most people are stuck with the unhealthy statistics of September being historically bad for BTC and other altcoins. Markets follow cycles. The cycles change as markets mature as their driving dynamics and fundamentals expand. So, sticking with such a statistic is a very unhealthy mindset for a trader.
Compared to previous cycles, the market is heavily driven by institutional flows through ETFs along with the derivatives market. Also, with the high probability of rate cuts in the September FOMC meeting on 16th and 17th of September the current Bull run can extend until somewhere around November to end of the year.
BTC is already at a 13.17% correction from its recent ATH. If the above technical factors go through successfully with positive news from rate cuts and healthy inflow in the derivatives market, we will see BTC resuming its bullish sentiment.
If it fails break these resistances, we may see the continuation of the correction at least till mid to end September and then the resumption of the bullish trend.
What people have to understand is whether thus cycle is extended or not, we are slowly approaching the last boost towards the cycle peaks. The corrections might end quickly or continue for some more days. But based on the current stage, the ultimate action is reaching the cycle tops.
The breakout is further confirmed by the fact that RSI in the daily frame has bounced off the 38.28 support, where it has not being broken since mid-June.
Even though a strong breakout took place, the price action seems to struggle to break the basis line of the Bollinger Band in the daily time frame. This can be the healthy price action waiting to continue the bullish momentum and waiting for this breakout will be the ultimate conformation.
Most people are stuck with the unhealthy statistics of September being historically bad for BTC and other altcoins. Markets follow cycles. The cycles change as markets mature as their driving dynamics and fundamentals expand. So, sticking with such a statistic is a very unhealthy mindset for a trader.
Compared to previous cycles, the market is heavily driven by institutional flows through ETFs along with the derivatives market. Also, with the high probability of rate cuts in the September FOMC meeting on 16th and 17th of September the current Bull run can extend until somewhere around November to end of the year.
BTC is already at a 13.17% correction from its recent ATH. If the above technical factors go through successfully with positive news from rate cuts and healthy inflow in the derivatives market, we will see BTC resuming its bullish sentiment.
If it fails break these resistances, we may see the continuation of the correction at least till mid to end September and then the resumption of the bullish trend.
What people have to understand is whether thus cycle is extended or not, we are slowly approaching the last boost towards the cycle peaks. The corrections might end quickly or continue for some more days. But based on the current stage, the ultimate action is reaching the cycle tops.
So make sure to take advantage of the corrections and cash out along the reversal with a disciplined strategy. If not you'll just sell into corrections and buy into tops as the majority.
Dagangan aktif
The ultimate conformation of the start of the bullish trend was made as BTC maintained its price above the basis of its daily Bollinger Band. Yesterday the trend was further strengthen with strong price action combined with strong volume with the publication of PPI data yesterday which the headline PPI has cooled, adding more towards the probability of rate cuts in September. This further breaks the impractical statistic that BTC performs bad in every September.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.