BTCUSDT BINANCE: A quick update.

on 10-22 We had BTC -0.24% moving within the channel looking to make a move back into 6600. This failed and BTC -0.24% decided to take a small dump down to 6515, stalling temporarily a lot of the momentum that was gathering in many of the alts. At the time of this writing we see that BTC -0.24% appears to be accepting this level for now gearing up for some sideways action and that much of the momentum within alts has resumed. Note that the top gainers today so far on Binance are a new set of alts than the last 4 days.

Looking within the yellow channel region we can see that over the past few months that this is the strongest sideways support that BTC -0.24% has had in terms of the length of time that it can spend within the channel. This bodes well for a potential movement within the alt market to keep momentum flowing... However, as we are dealing with BTC -0.24% there is always a risk that we might swing around 100$ easily.

Today, on 10-23, I see BTC -0.24% going for another attempt at 6600 as the indicators appear more primed than yesterday for a push back to that level on several timeframes. What we need to watch out for are sharp downward price drops on the low timeframe with increased volume that will bring about a sudden panic in the "low level traders".

There is still a strong bearish sentiment within the market despite the profitable % gains within alts these past few days.
Be prepared for a drop of BTC -0.24% back to 6300 region always but enjoy this start to a positive sentiment for today.

For now... enjoy this sideways action and take note how .4 % swings in BTC -0.24% price downward are still effecting many of the alts.

Comment:

candle to 6580 hit as i pressed publish.