Hello cryptomaniacs, BTC is still in the mother of all bear markets and descending triangle as we speak , so the technicals are still in play as the last analysis. Volumes are low, sentiment is down and the tourists have left. BTC is lonely and needs some love and affection. There needs to be more new money, more excitement and more fomo if it is ever going to shake off the bears. Each swing high has shown less power and momentum, before the subsequent corrections as shown in the yellow lines. However, the data shows a slow waning of the bearish momentum as evidenced by the consecutive daily higher lows for the last two weeks. On top of that the very reliable weekly also shows small but measurable higher lows each week now since june. The price incline would be invalidated at this stage if BTC falls below $6328. A further fall to $6200 would be an absolute bottom i am calling this year. Keep an eye on the daily RSI and BTC needs to break above the blue resistance to break the lower high pattern in place since July. With the Oct -Dec quarter upon us, a bullish confirmation would require BTC to break the $7400 previous swing high and that is not too far away at the moment. For that to happen new investment, such as corporate funds needs to lift the market cap higher. This is possible with the Bakkt and ETF scenarios, and once the gates open the retail investors will return with fomo. With more regulation, KYC, SEC enforcement and natural selection of projects, investors that dipped their toes in previously will try again once they realise their investment is secure and authentic. Although the trajectory of BTC is clearly subdued and testing the $6k bottom is more likely, it is still possible to break $10k this year. As sure as night follows day the bulls follow the bears and that is undeniable. Decentralized assets are here to stay and the fundamentals of cryptocurrency have all the features that will assure its growth into the future.
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*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
*Please like or follow if you are happy with this TA.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.