BTC/USD, 4h
Bitcoin didn't move too much since our last update, giving the Altcoin Total Market Capitalization some room to grow over the past couple of days. The scenario presented in last commentary, in the second paragraph, the one that states that BTC/USD could sting the $10,000 level one more time to create liquidity doesn't look impossible right now. It is absolutely not necessary for Bitcoin to do so in order to see some growth as Altcoins have done, but also it's important not to turn the level it's currently at - $10,145 - into resistance. If that happens, BTC/USD could continue its downside movement, retracing all of the progress that bulls have made so far in September.
Looking now back in hindsight, the orange channel presented in the last chart wasn't so correctly placed, so we removed it and placed another trendline that depicts the series of Lower Highs that Bitcoin is showing. This could easily be an upside grind-line, considering the current market structure, but the price needs to maintain itself above its last ~$9800 low. An ideal case for buyers would be to gain traction towards the newly-placed light green horizontal line - the one from $10,465 - where the last Lower High of this grind-line structure sits.
Those presented above are scenarios that depend on horizontal levels of interest. If we were to talk Patterns as presented in Classical Charting, there's a possibility that BTC/USD is in the process of forming a Complex Head& Shoulders with its neckline at the thick blue horizontal labeled "Pivotal level" - $10,830. As said before, a good sign for bulls would be to keep the last Low ($9860) in place so the iH&S could complete its journey. Attention: the formation is NOT completed and NOT confirmed. This is a mere speculation of how price action could resolve itself. The confirmation comes once Bitcoin hits the "Pivotal level" again.
Bitcoin didn't move too much since our last update, giving the Altcoin Total Market Capitalization some room to grow over the past couple of days. The scenario presented in last commentary, in the second paragraph, the one that states that BTC/USD could sting the $10,000 level one more time to create liquidity doesn't look impossible right now. It is absolutely not necessary for Bitcoin to do so in order to see some growth as Altcoins have done, but also it's important not to turn the level it's currently at - $10,145 - into resistance. If that happens, BTC/USD could continue its downside movement, retracing all of the progress that bulls have made so far in September.
Looking now back in hindsight, the orange channel presented in the last chart wasn't so correctly placed, so we removed it and placed another trendline that depicts the series of Lower Highs that Bitcoin is showing. This could easily be an upside grind-line, considering the current market structure, but the price needs to maintain itself above its last ~$9800 low. An ideal case for buyers would be to gain traction towards the newly-placed light green horizontal line - the one from $10,465 - where the last Lower High of this grind-line structure sits.
Those presented above are scenarios that depend on horizontal levels of interest. If we were to talk Patterns as presented in Classical Charting, there's a possibility that BTC/USD is in the process of forming a Complex Head& Shoulders with its neckline at the thick blue horizontal labeled "Pivotal level" - $10,830. As said before, a good sign for bulls would be to keep the last Low ($9860) in place so the iH&S could complete its journey. Attention: the formation is NOT completed and NOT confirmed. This is a mere speculation of how price action could resolve itself. The confirmation comes once Bitcoin hits the "Pivotal level" again.