Analyzing the Bitcoin chart I see patterns that repeat over and over again. That is all about cycles.
After breaking down the Bitcoin found support in 7700-8800 .
BTC has the same price action behavior as during accumulation period in 2018-2019 after breaking the 6K support and falling to 3K.
With higher lows and higher heights BTC is showing strength which means that breakout of that is inevitable.
and on a daily are on the same levels as in 2018. is decreasing and is expected to decrease too. But this is exactly what usually happens in such cases! Just remember what happened in 2018 and be ready for boring price action in the next couple weeks.
With the highest probability we should expect Bitcoin to break through the 9K level of resistance in the end of October 2019 and go at least to the 0.618 that is 10500. Partial profit taking zones which correspond to 0.382 and 0.5 Fibonacci levels are indicated on the chart.
4th wave of structure has completed its correction and found bottom at 7910. The final impulse 5th wave has to be extended. Bitcoin loves making parabolic final moves.
There is an expiration of Bitcoin futures on the 25th October 2019 so we can expect breakout happening near that time. By the way gap at 12K is still not closed. So BTC might go slightly higher. All gaps on BTC1! were closed before and it is likely for that one to be closed as well.
What will happen next the price will tell.
This idea is not a financial advise, but you probably know that already ;)
Accumulation continues before the breakout.
Looks like market maker decided to close 7200 gap first. This sequence of closing gaps has its own logic, because with future price growth and closing 12K gap, we will no longer return to the 7K levels:
Still do not consider 7200 area as a bottom, because we have not much info at the moment.
Personally, I did not open any trades after my stop loss was triggered at 7740. That is why it is very important to optimize risk and use the appropriate leverage. Losing only 1-2% of your portfolio won't blow your deposit and you'll be able to trade again and again. Also don't forget to have not only a trading portfolio, but hoDl portfolio for long-term investments as well. I think I'll make separate educational idea concerning this topic.
But what do we see now? What I'm confident in is that I won't rush buying that pump candle. Moreover, max price target might be slightly lower than 12K previously expected:
Soon I'll make new idea concerning next vision of BTC price movement. Stay tuned!