The move up on October 1st was not much a surprise as bitcoin in October begins a "new cycle" of bullishness during these bull runs.
However, I believe BTC will tap 49k and fall all the way back down to 37.2k with a nice wick before the real remainder of the bull market resumes.
September is typically a dumpy month, yet we began to go higher and higher. Then we dumped. October is a bullish month and we have gone up... That big green daily candle screams FOMO to me as in previous October bull runs it wasn't just one giant green candle. It was a slow consolidation to the upside all month. I was bearish before waiting for the bottom of the H&S/Wyckoff and now I am beginning to think that we will have a shake out once more by the end of next week.
The "wyckoff" or head and shoulders we are witnessing is slightly different to the one we experienced in May, June, and July and I think that will play out slightly different than what we expect.
This year I called the 29k wick bottom from this summer. I am going out on a limb and saying we will wick somewhere between the high 36s and low 37ks before finally moving on up.
For retails sake I hope I am wrong.
Let's see.
Good luck.
However, I believe BTC will tap 49k and fall all the way back down to 37.2k with a nice wick before the real remainder of the bull market resumes.
September is typically a dumpy month, yet we began to go higher and higher. Then we dumped. October is a bullish month and we have gone up... That big green daily candle screams FOMO to me as in previous October bull runs it wasn't just one giant green candle. It was a slow consolidation to the upside all month. I was bearish before waiting for the bottom of the H&S/Wyckoff and now I am beginning to think that we will have a shake out once more by the end of next week.
The "wyckoff" or head and shoulders we are witnessing is slightly different to the one we experienced in May, June, and July and I think that will play out slightly different than what we expect.
This year I called the 29k wick bottom from this summer. I am going out on a limb and saying we will wick somewhere between the high 36s and low 37ks before finally moving on up.
For retails sake I hope I am wrong.
Let's see.
Good luck.