Optimist or Pessimist? The Glass is Half Empty for BTC
We discussed yesterday how BTC has been forming a gigantic flag pattern over the past months and we are getting ever so close to its apex. Unfortunately, the technicals do not favor us. The upper bound of this wedge pattern has been forming arguably since March. Since then we have made consistently lower highs, which is foreboding. Although we have some meager attempts to make higher lows as of late, the massive selling volume from September augers another breakdown.
We can see if BTC will make another attempt for the $5000 handle. It has rejected this zone before, as we discussed yesterday. The candlestick rejection at $5800 seems to confirm that this is the minimal price the markets will accept for now. If this level does not hold, then there is an immense vacuum zone below down to $4350. After that, we have the entire $3000 handle before the next level of support at $2900. Unfortunately, this may be a reality. As larger institutions pile into the crypto markets, unfettered by the pesky regulatory pressures they face in other exchange traded markets, we can expect more market manipulation.
I hope you enjoyed this article! If so, give it a 'like' and feel free to reach out with comments. Also, don't forget to check out my profile and other social media.
We can see if BTC will make another attempt for the $5000 handle. It has rejected this zone before, as we discussed yesterday. The candlestick rejection at $5800 seems to confirm that this is the minimal price the markets will accept for now. If this level does not hold, then there is an immense vacuum zone below down to $4350. After that, we have the entire $3000 handle before the next level of support at $2900. Unfortunately, this may be a reality. As larger institutions pile into the crypto markets, unfettered by the pesky regulatory pressures they face in other exchange traded markets, we can expect more market manipulation.
I hope you enjoyed this article! If so, give it a 'like' and feel free to reach out with comments. Also, don't forget to check out my profile and other social media.