Major Breakout this week. Are you ready!?

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello Traders,

Looking at daily chart for Bitcoin , we see that Bitcoin is forming tightening equilibrium since July 24th and Bitcoin is forced to make another major decision this week. ( RSI and MACD tightening equilibrium, and Bollinger squeeze further support this point)

I am a reactionary traders so I will not be making any judgement on if this will be bull or bear breakout, but you can use blue trendline as a good indication.

In case of bull breakout, there is still a heavy resistance around $6800, followed by $7400. However, the ultimate target for upcoming rally is $7600-$7800 so we can get higher high instead of lower high.

In case of bear breakout, there is a confluent support at $6000 and bulls will try their best to defend this level. In case bull fails to defend this level, then next support is $5700-$5800.


Oct 02
Comment: Bitcoin is so awful to trade in past 3 days. There are no sizable swing trade opportunities if you are not looking the price constantly. You can clearly see that I drew so many horizontal lines indicating supports and resistances and they are just simply too tight that it is not even worth trading. The width of Bollinger band is ridiculously small and I have never seen the band this narrow.

Clearly Bitcoin is setting up something very big and this uncertainty is making me a little bit of scared. Ofc everyone is desperately waiting for bull break, but if this is a bear break, I have a feeling that we will reach $5.7K in no time.

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