For me, BTC is undecided. I’m personally direction agnostic and think it could go either way. But, this looks pretty bear flaggy to me. Higher lows and lower highs point to the tightening inclined range, on the backdrop of the first initial downspike. I wouldn’t be surprised to see more of the same.
If we breakdown from the lower range, I’d expect at least a tag of the previous defined higher low (~10,195). Further support is at ~9,861. Will be interesting to see the reactions to a breakdown, given the wider macro economic and political environment currently. With the VIX rising, I’d expect increased Vol until the election, and then some sort of direction decision.
Alternatively, should we break out to the upside, with legs, I think we’re targeting the previous lower highs to see whether we have any momentum. You want to see strong price action around ~10,900 and ~11,500 for anything significant to come over the next few months.
As we go towards the middle of October, this remains a wait and see game.
All of my technicals suggests indecision currently.
If we breakdown from the lower range, I’d expect at least a tag of the previous defined higher low (~10,195). Further support is at ~9,861. Will be interesting to see the reactions to a breakdown, given the wider macro economic and political environment currently. With the VIX rising, I’d expect increased Vol until the election, and then some sort of direction decision.
Alternatively, should we break out to the upside, with legs, I think we’re targeting the previous lower highs to see whether we have any momentum. You want to see strong price action around ~10,900 and ~11,500 for anything significant to come over the next few months.
As we go towards the middle of October, this remains a wait and see game.
All of my technicals suggests indecision currently.