The 4-hour chart is showing strength, as the price keeps remaining above the 50-day MA, which is now turning upwards (which is bullish). The 50-day MA may soon crossover the 100-day MA again (which is bullish). There is still a tremendous negativity in the market (which is bullish from a contrarian point of view) and there may soon be a huge short squeeze, as the short interest is again very high (see my previous posts). What's probably happening right now is that the selling pressure is absorbed by buying institutions.
So, I think a short-term bottom may be in. And maybe later on (with hindsight) we may call it The Bottom, who knows?
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If selling pressure is at the highest of the year (see my previous post) and BTC doesn't sell of, then that's a bullish divergence, right? An early bullish sign.
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I'm thinking more and more that BTC price will test the 200-day MA (the orange line in this chart) in the coming days, which is around USD 7,900-ish right now. Now, if price would actually break that line to the upside, that would be a really big thing in this market.
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Sorry, the 200-day MA is of course not visible in this chart, because it's a 4-hour chart. So, please refer to the daily chart.
I agree but some bad news like ETF decision could drive us back into 5k range. The new exchange launching BAKKT in November will spike it after the dive. The ETF will be delayed most likely until Feb but we will see the outcome and bitcoins performance against it.
BAKKT
The new venture, which is expected to launch in November, will offer a federally regulated market for Bitcoin. With the creation of Bakkt, ICE aims to transform Bitcoin into a trusted global currency with broad usage.
EagleView777
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@Invictusexchange, I think it's tricky to trade news, or expected news. Much safer to trade based upon what you see in the charts. I totally agree with your remarks about ETFs and Bakkt.
BAKKT
The new venture, which is expected to launch in November, will offer a federally regulated market for Bitcoin. With the creation of Bakkt, ICE aims to transform Bitcoin into a trusted global currency with broad usage.