🤖 #BTCLIVE - 26.09 🤖
TLDR:
Short-Term (-1 Day)
70:30- Bullish:Bearish
Mid-Term (1 Week+)
60:40
Bullish:Bearish
Long-Term (1 Month+)
40:60 - Bullish:Bearish
OVERVIEW:
BTC is looking pretty strong short-midterm - with a target of approximately £$21k on the cards - core issue is breaking out of the immediate resistance specifically the 200EMA that has proved to be a significant issue. We are in a descending broadening wedge on the 1h which is a very bullish pattern so a break up is to be expected with a recent break up and retest of a local symmetical triangle it is looking positive. Unfortunately on the longer term timeframe further downside is to be expected as there is the lower trendline on the weekly descending wedge is still likely to be hit at approx. $16k possible a little lower. This route would make sense with the descneding triangle on the daily as we have been holding the 18.7k region for a long time with continual lower highs (quite a bearish pattern especially coming into it from a bearish trend) - this would marry up with the expected weekly descending wedge.
It looks like we have the potential for a bullish week up to $21k depending on what some of the fed comes out with along with the Bitcoin Futures Expiry and then a big rejection at $21k back to the $18.7k region with the possible start of the further downside as a long term lower low feels inevitable. Although once reached the target is to break out of the macro trendline which should put us at approx. $19k at that stage will signify the start of the bull run.
TECHNICAL ANALYSIS:
BULLISH FACTORS:
+ Bullish Historical Weekly Pivot up to $21k
+ Potential break out of local symmetrical triangle pattern and potential retest
+ Bullish Divergence on trendline support
+ Long term Descending Broadening wedge
+ Holding Daily support at $18.7k region
+ Descending Wedge on the Weekly
BEARISH FACTORS:
- Vwap, Trendline & 200 EMA showing strong resistance
- Trading below the Vwap
- Bearish Divergence on 1h
- Descending Triangle on the Daily
NEWS:
Bull:
+ Plan B’s stock-to-flow model predicts Bitcoin price has potential for 5x
+ Volatile week ahead with Powell, Bitcoin Futures Expiry
+ China orders state banks to buy stocks to prevent selling.
+ Disney is hiring an attorney to work on blockchain, metaverse, DeFi, & #NFT products.
Bear:
- Volatile week ahead with Powell, Bitcoin Futures Expiry
- DXY pumping GBP dropping
- Do Kwon arrest warrant issued
MARKET SENTIMENT:
Fear & Greed Index - Sep 26, 2022:
Today: 21 (Extreme Fear)
Yesterday: 24 (Extreme Fear)
Avg. 1W: 22 😱
Avg. 2W: 24 😱
Avg. 1M: 24 😱
Avg. 2M: 29 😱
Avg. 3M: 27 😱
Avg. 6M: 23 😱
Avg. 1Y: 32 😣
🔸 #Bitcoin
Price: $18,787
24h Low: $18,748
24h High: $19,142
MC Change: -$2.9B (-0.8%)
Dominance: 37.4%
24h: -0.8%
7d: -3.3%
14d: -13.6%
30d: -7.3%
60d: -18.0%
200d: -55.3%
1y: -56.2%
TLDR:
Short-Term (-1 Day)
70:30- Bullish:Bearish
Mid-Term (1 Week+)
60:40
Bullish:Bearish
Long-Term (1 Month+)
40:60 - Bullish:Bearish
OVERVIEW:
BTC is looking pretty strong short-midterm - with a target of approximately £$21k on the cards - core issue is breaking out of the immediate resistance specifically the 200EMA that has proved to be a significant issue. We are in a descending broadening wedge on the 1h which is a very bullish pattern so a break up is to be expected with a recent break up and retest of a local symmetical triangle it is looking positive. Unfortunately on the longer term timeframe further downside is to be expected as there is the lower trendline on the weekly descending wedge is still likely to be hit at approx. $16k possible a little lower. This route would make sense with the descneding triangle on the daily as we have been holding the 18.7k region for a long time with continual lower highs (quite a bearish pattern especially coming into it from a bearish trend) - this would marry up with the expected weekly descending wedge.
It looks like we have the potential for a bullish week up to $21k depending on what some of the fed comes out with along with the Bitcoin Futures Expiry and then a big rejection at $21k back to the $18.7k region with the possible start of the further downside as a long term lower low feels inevitable. Although once reached the target is to break out of the macro trendline which should put us at approx. $19k at that stage will signify the start of the bull run.
TECHNICAL ANALYSIS:
BULLISH FACTORS:
+ Bullish Historical Weekly Pivot up to $21k
+ Potential break out of local symmetrical triangle pattern and potential retest
+ Bullish Divergence on trendline support
+ Long term Descending Broadening wedge
+ Holding Daily support at $18.7k region
+ Descending Wedge on the Weekly
BEARISH FACTORS:
- Vwap, Trendline & 200 EMA showing strong resistance
- Trading below the Vwap
- Bearish Divergence on 1h
- Descending Triangle on the Daily
NEWS:
Bull:
+ Plan B’s stock-to-flow model predicts Bitcoin price has potential for 5x
+ Volatile week ahead with Powell, Bitcoin Futures Expiry
+ China orders state banks to buy stocks to prevent selling.
+ Disney is hiring an attorney to work on blockchain, metaverse, DeFi, & #NFT products.
Bear:
- Volatile week ahead with Powell, Bitcoin Futures Expiry
- DXY pumping GBP dropping
- Do Kwon arrest warrant issued
MARKET SENTIMENT:
Fear & Greed Index - Sep 26, 2022:
Today: 21 (Extreme Fear)
Yesterday: 24 (Extreme Fear)
Avg. 1W: 22 😱
Avg. 2W: 24 😱
Avg. 1M: 24 😱
Avg. 2M: 29 😱
Avg. 3M: 27 😱
Avg. 6M: 23 😱
Avg. 1Y: 32 😣
🔸 #Bitcoin
Price: $18,787
24h Low: $18,748
24h High: $19,142
MC Change: -$2.9B (-0.8%)
Dominance: 37.4%
24h: -0.8%
7d: -3.3%
14d: -13.6%
30d: -7.3%
60d: -18.0%
200d: -55.3%
1y: -56.2%
