Recap & News
Obviously, 44k support didn't hold up so well against the bears. China declaring all crypto transactions illegal, as well as recent SEC hearings didn't help the cause. SEC Chair Gary Gensler recently stated that the SEC has no intention on banning crypto, which was a relief for users after the recent China ban. However, there is ongoing deliberation in the US over the regulation of crypto lending and interest bearing products in regard to what classifies a financial product as a security.
Charting
The bottom blue dotted line at $40,736 from my previous chart turned out to be Septembers bottom. This was a top resistance area on 6 different occasions in 2021 from January to August. $46,500 - 47,000 seems to be an interesting area having previous bottom support, so I added a red bottom trend line at $47k. I moved the bottom triangle squeeze line going from Julys bottom to Septembers new bottom, which moved out the longer term vertex to Nov. 10. The support line from my previous chart going from bottom support at 37.8k on August 6 to support at 44k in mid-September seems to have caught recent price action at $47k. This also seem to be an interesting support area . Short-term, if support breaks this line, I would expect higher lows, possibly 44k since it has been a place of previous top resistance, that is, if you're thinking bearish . New moon in two days as well. But if we break through that top resistance line from April to September, I feel like things will start to get interesting. In addition, 50-200 day moving average seems to be gearing up for another cross in the near future.
Obviously, 44k support didn't hold up so well against the bears. China declaring all crypto transactions illegal, as well as recent SEC hearings didn't help the cause. SEC Chair Gary Gensler recently stated that the SEC has no intention on banning crypto, which was a relief for users after the recent China ban. However, there is ongoing deliberation in the US over the regulation of crypto lending and interest bearing products in regard to what classifies a financial product as a security.
Charting
The bottom blue dotted line at $40,736 from my previous chart turned out to be Septembers bottom. This was a top resistance area on 6 different occasions in 2021 from January to August. $46,500 - 47,000 seems to be an interesting area having previous bottom support, so I added a red bottom trend line at $47k. I moved the bottom triangle squeeze line going from Julys bottom to Septembers new bottom, which moved out the longer term vertex to Nov. 10. The support line from my previous chart going from bottom support at 37.8k on August 6 to support at 44k in mid-September seems to have caught recent price action at $47k. This also seem to be an interesting support area . Short-term, if support breaks this line, I would expect higher lows, possibly 44k since it has been a place of previous top resistance, that is, if you're thinking bearish . New moon in two days as well. But if we break through that top resistance line from April to September, I feel like things will start to get interesting. In addition, 50-200 day moving average seems to be gearing up for another cross in the near future.
