majorlee

Bitcoin about to breakout... but which way? 5k or 7k? [BTFD]

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Sideways trading over the weekend with a few squeezes, claiming false breakouts but with higher lows and lower highs we are witnessing the forming of a breakout triangle

This will break out this week starting 8th October

BUT which way????


going back to this chart and looking at repeating patterns: - its pretty clear to me we have still not completed a full rally from the bulls to push the price into the desired fib level, so.... for this week

are we still awaiting a rally to peak over the 0.618 fib level, which is roughly around the 7400 area?

....or are we to see a false breakout followed by a short move back down to under 6400 and start testing 6100 targetting high 5k area?

personally due to the volume im seeing it could be a stalemate either way right now at the start of Sundays market open, so a good move up or down is needed to create some early fireworks as we move into October and of course this is the time where we see seasonality of Bitcoin and cryptocoins reaching/breaking ATH's as we move towards December 2018 and 2019

**** looking for this week a break above 6825 for the bulls to go further or a clear close under 6320 to push thru the price action from the previous weeks ****

EVERYONE, you could say the smart money is expecting the bullrun season to kick off due to seasonality but objectively we have been repeating these false bullruns since January due to the enormous and quite crazy price valuation on 20th Dec 2017

So we have some clear lines of support/resistance both from trendlines and fibonacci, bears seem to have less room to move, whereas the bull targets seem further away but certainly have more room to move into

safe targets are shown in the purple lines on the charts, all pretty valid and possible for the next coming week or so...


wishing you all good trades and thank you for the support, donations and commitment towards BTFD and our missions to bring you unbiased and sensible analysis on the markets

we have started looking at other markets too and if you missed this trade on WTI Oil , i will bet ur kicking yourself:

have a great and profitable October and check the telegram channel for updates as we progress into the week ahead



Comment: 1hr btc/usd chart :

Trade active:

upwards or squeeze?
Trade active:

solid momentum required but looking good
Trade active: 4hr still nice and bullish

Comment:

some support keeping bulls afloat

does not look good but at least will make a nice fight and bring some much needed volume in

Comment:
Trade active:
Trade active:

daily view

new chart here for fiat pairs...
Comment:
Nice
+1 Reply
majorlee mrmstf
@mrmstf, thx for the comment :)
Reply
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