A bitcoin forecast leading into the 3rd week of September
I am forecasting the potential path of bitcoin over the next few days.
Firstly, we may continue to consolidate for a few hours and close the daily slightly green.
After that I would expect another wick to the downside, where we will tag the .272 extension target at around 43.1k.
This will create a higher low which will give us enough gas to use as a turning point for a couple of days.
We would then climb past the .618 retracement zone of this entire fall and reach the monthly close zone at $49,239.
From there we could expect the next turning point to occur that will eventually create a lower low.
Alt coins should be bought on the next downside wick. During the climb back up to 48k btc may move slightly back upward in dominance, but then there will be a consolidation in that zone where dominance will fall all the way to the final monthly support zone at around 37.5%. A mini alt season will occur during this time.
Thank you.
Firstly, we may continue to consolidate for a few hours and close the daily slightly green.
After that I would expect another wick to the downside, where we will tag the .272 extension target at around 43.1k.
This will create a higher low which will give us enough gas to use as a turning point for a couple of days.
We would then climb past the .618 retracement zone of this entire fall and reach the monthly close zone at $49,239.
From there we could expect the next turning point to occur that will eventually create a lower low.
Alt coins should be bought on the next downside wick. During the climb back up to 48k btc may move slightly back upward in dominance, but then there will be a consolidation in that zone where dominance will fall all the way to the final monthly support zone at around 37.5%. A mini alt season will occur during this time.
Thank you.