Going into the end of this month and looking back, Bitcoin has had a green month and is looking great going into the next. At the moment, Bitcoin is held along the $47,410 support level and looks to be moving up towards $51,689 and then the $54,028 (2.618 Fib) level shortly after.
A little suspicious that BTC hasn’t came back down and wicked this uptrend (channel) before moving back up, but I see the pattern here. Bitcoin made higher lows with the 1st being on August 5th along $38,000 level, 2nd being at $44,854, and the 3rd at $47,410 if this trend continues to reverse. Because we’re in an uptrend it doesn’t have to come back down and retest it, we saw what happened with Ethereum earlier this year.
There is a lot of positive news in the market as of recently, seems like the sentiment is shifting to bullish again. My guess is that more people are seeing the 2 top cycle in the charts and are gearing up for that.
Stablecoin reserves on exchanges hit $19.22 billion ATH which means that a long-term bullish scenario will roll out for top coins. These funds are dry gunpowder and could definitely flow into cryptocurrencies, which seem to be on the rise as of lately and more investors are seeing the potential gains.
Banking behemoth Citigroup is reportedly working to offer its institutional clients Bitcoin futures trading services.
Again, a lot of great news in the market but as always stay alert and be cautious for quick downswings. At the moment, Bitcoin looks to regain this uptrend around $50,000 and continue its path upwards towards the $51,000 & $54,000.
I am watching the $47,410 level very carefully. If we lose this $47,410 level, we are headed towards $44,854 and will bounce off this uptrend placed around $44,000.
Will do my best to keep you updated, feel free to join my Telegram to stay alerted in real-time!
As always please do your own research, I am not a financial advisor.
A little suspicious that BTC hasn’t came back down and wicked this uptrend (channel) before moving back up, but I see the pattern here. Bitcoin made higher lows with the 1st being on August 5th along $38,000 level, 2nd being at $44,854, and the 3rd at $47,410 if this trend continues to reverse. Because we’re in an uptrend it doesn’t have to come back down and retest it, we saw what happened with Ethereum earlier this year.
There is a lot of positive news in the market as of recently, seems like the sentiment is shifting to bullish again. My guess is that more people are seeing the 2 top cycle in the charts and are gearing up for that.
Stablecoin reserves on exchanges hit $19.22 billion ATH which means that a long-term bullish scenario will roll out for top coins. These funds are dry gunpowder and could definitely flow into cryptocurrencies, which seem to be on the rise as of lately and more investors are seeing the potential gains.
Banking behemoth Citigroup is reportedly working to offer its institutional clients Bitcoin futures trading services.
Again, a lot of great news in the market but as always stay alert and be cautious for quick downswings. At the moment, Bitcoin looks to regain this uptrend around $50,000 and continue its path upwards towards the $51,000 & $54,000.
I am watching the $47,410 level very carefully. If we lose this $47,410 level, we are headed towards $44,854 and will bounce off this uptrend placed around $44,000.
Will do my best to keep you updated, feel free to join my Telegram to stay alerted in real-time!
As always please do your own research, I am not a financial advisor.
