BTC in a bearish channel? $23k in the cards for Nov/Dec?
While many people are calling for BTC to go to $100k by Q4, I see a different view when I look at the chart.
BTC looks to be in a bearish channel heading for lower lows. While I'm bullish in the short term with upside to $50k-52.8k (the restest of the prior high), I think a rejection there would setup a massive move down to $23k bottoming sometime in November/Early December. A move which I don't think many are expecting or think is possible.
I don't think the move will play out quickly though, I think a rejection in the $50k range in October would setup a short term retracement down to the $37k-low 40k range and would likely find support there to setup alts to run for the remainder of October and into potentially first week of November, but after that, I think setting tight stop losses might be a good idea, bc if we retrace to the low $23k range, alts will likely bleed out all of the gains from October.
I think we're likely to find a bottom in November/December, and should see a massive bounce to the top of the channel (~$44-46k) after finding a bottom at $23k, which should setup a nice end of the year rally for altcoins... But then, don't get your hopes up, as I think BTC will ultimately bottom somewhere in the $10k range around March/April.
Let's see how it all plays out over the coming weeks/months. Good luck.
Invalidation of this idea would be a test and close over the September high ($52.8k)
BTC looks to be in a bearish channel heading for lower lows. While I'm bullish in the short term with upside to $50k-52.8k (the restest of the prior high), I think a rejection there would setup a massive move down to $23k bottoming sometime in November/Early December. A move which I don't think many are expecting or think is possible.
I don't think the move will play out quickly though, I think a rejection in the $50k range in October would setup a short term retracement down to the $37k-low 40k range and would likely find support there to setup alts to run for the remainder of October and into potentially first week of November, but after that, I think setting tight stop losses might be a good idea, bc if we retrace to the low $23k range, alts will likely bleed out all of the gains from October.
I think we're likely to find a bottom in November/December, and should see a massive bounce to the top of the channel (~$44-46k) after finding a bottom at $23k, which should setup a nice end of the year rally for altcoins... But then, don't get your hopes up, as I think BTC will ultimately bottom somewhere in the $10k range around March/April.
Let's see how it all plays out over the coming weeks/months. Good luck.
Invalidation of this idea would be a test and close over the September high ($52.8k)
Comment:
We got the break of $52.8k, now I want to see it close over that level and start moving higher to fully invalidate the idea. Reason being, at the recent high of $65k, $58.4k was the level to break, and we broke over it and then closed back below it and formed a top. So I'm open to this idea being wrong, just want to watch and see what happens from here.
Comment:
Leaning towards that $57.8k level being the short term top... My indicators show price action rolling over from here on smaller timeframes. My guess as of now is that we get a pullback early next week.
Going to keep watching before I do anything.
Going to keep watching before I do anything.
Comment:
This is invalidated. New idea here:
