Looking at what is happening on the BTCUSDT chart, only one thing can be said with certainty - a protracted consolidation continues. Consolidation is a hard battle of attrition between buyers and sellers. The winner of this battle will organize a very strong impulse price movement.
The victory of the sellers is the consolidation of the BTCUSD price below $18000 - a critical point (now buyers are trying hard to prevent this). In this case, a rapid drop in the price of BTC to 14K-12k-10k is possible, well, in principle, as most authors on Tradingview expect. But we are well aware that the majority can not earn the market, hence we get the following option The victory of the buyers is a much more difficult scenario, because they need to break the annual downward trend, so it will most likely occur in several stages. 1. Globally on chart, from June to now, buyers are trying to draw a reversal pattern "Double bottom" - the target of this pattern is +/- $34500 2. The first stage is the breakout and consolidation of the Bitcoin price above $20400 3. The second stage is to break the stops of shorts above $22800. And a lot will depend on how many stops are hidden there. If not many, then sellers will intensify sales and lower the price at the red scenario. 4. The third stage - the most important and difficult for buyers - is the breaking of stops in the $24700-25200 zone. This trading zone is the last bastion of protection for short sellers. And above it is emptiness and the possibility of unhindered growth to $28000-$28500
Well, the possible scenarios of the movement are described in detail, now we need to closely monitor their implementation.
P.S: Also, we remind you that historically, October-November were usually "green" months in the cryptocurrency market. _____________________ Did you like our analysis? Leave a comment, like, and follow to get more