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The month of October accompanied BTC towards a fairly rapid uptrend, overcoming important resistances first at 13k, then 14k, and finally 15k, dragging several alts with it.
What to expect now? If we observe the formation of the Elliott curves it is quite plausible that a retracement is taking place and it should bring prices back to around 13k.
This value remains under observation as it is a key threshold to better understand the evolution of the trend: a rebound on 13k could lead BTC to a new ATH pushing prices towards the psychological level of 20k, while a breakout below 13k could mark the beginning of a new long bearish or low volatility phase.
Analyzing the RSI strength indicator in the summer of 2019 the long uptrend saw the creation of a triple top at the same level before the trend lost strength. We could hypothesize in this case, having the market retraced several times, the achievement of the two tops is the signal that precedes a downward movement.
In conclusion, we could open a short position with target close to 13k and then enter long, or wait for the confirmation of the retracement to buy directly on the rebound.
The month of October accompanied BTC towards a fairly rapid uptrend, overcoming important resistances first at 13k, then 14k, and finally 15k, dragging several alts with it.
What to expect now? If we observe the formation of the Elliott curves it is quite plausible that a retracement is taking place and it should bring prices back to around 13k.
This value remains under observation as it is a key threshold to better understand the evolution of the trend: a rebound on 13k could lead BTC to a new ATH pushing prices towards the psychological level of 20k, while a breakout below 13k could mark the beginning of a new long bearish or low volatility phase.
Analyzing the RSI strength indicator in the summer of 2019 the long uptrend saw the creation of a triple top at the same level before the trend lost strength. We could hypothesize in this case, having the market retraced several times, the achievement of the two tops is the signal that precedes a downward movement.
In conclusion, we could open a short position with target close to 13k and then enter long, or wait for the confirmation of the retracement to buy directly on the rebound.