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Welcome to this BTC update. From the starting of September I keep telling you that BTC is not looking good and might see some big drop in this month. When BTC is trading at around 23K in the starting of this month everyone was start calling to 30k is next, I told you that this was just a retest (Link of the charts given below). Hope you guys listened and save your hard earned money.
Now let's get to the chart.
BTC is forming a head and shoulder pattern in the daily time frame which is generally a bearish pattern. Currently, it is at the neckline of this head and shoulder. Any daily close below this neckline (18.5k level) will take us to the 14K level from here.
However, IMO we might see some bounce from here in short term so don't try to short now. Wait for a confirm breakdown.
I hope this will never break below this neckline but let's see what happens. Whatever happens I'm ready to buy every dip and set my bids around 14K-15k level.
What do you think about this? Do you think that it will break below the neckline or do you think this is the bottom? Share your views in the comment section.
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Pretty detailed review of the pair, but still, I'm curious to know. Do you take into account fund sales before analyzing? Do you somehow study their effect on the market?