After an almost 70% slump of its value, bitcoin is still indicating signs of vulnerability on the crucial $20k price level and bears are likely to crush it below. See: Netflix to ban crypto advertisements. Meanwhile, liquidity is like to dominate below $18k as the crypto giant will be likely to be swigging towards the most important demand zone, $10k.
As we view bitcoin with its quote, the US dollar, next week’s CPI data is very dependent on whether we might see an early reversal or the bears will keep squashing the value to parity levels. Referencing from the Usual September curse, the odds are stacked against bitcoin’s revival to at least 1-month high which is 25k. In addition, in its current price, we can see the accumulation constructing and price failing to go break the accumulation’s highest price and forming a descending triangle, I still stand with bitcoin going to $10k.
WHY $10k?
2 years ago, bitcoin’s soar to $60k+ was driven by this demand and volatility started at the exact price. Before $10k, bitcoin’s uptrend momentum was slow and there wasn’t a lot of investments and adoptions as a Payment option by big corporations. With regards to price action, the breakout above its 2-year high with an impulsive bullishness that is driven by a monthly strong candlestick was a clear indication that bitcoin price was heading higher to its peak.
-Bongani (Alphatrader)
As we view bitcoin with its quote, the US dollar, next week’s CPI data is very dependent on whether we might see an early reversal or the bears will keep squashing the value to parity levels. Referencing from the Usual September curse, the odds are stacked against bitcoin’s revival to at least 1-month high which is 25k. In addition, in its current price, we can see the accumulation constructing and price failing to go break the accumulation’s highest price and forming a descending triangle, I still stand with bitcoin going to $10k.
WHY $10k?
2 years ago, bitcoin’s soar to $60k+ was driven by this demand and volatility started at the exact price. Before $10k, bitcoin’s uptrend momentum was slow and there wasn’t a lot of investments and adoptions as a Payment option by big corporations. With regards to price action, the breakout above its 2-year high with an impulsive bullishness that is driven by a monthly strong candlestick was a clear indication that bitcoin price was heading higher to its peak.
-Bongani (Alphatrader)