POSSIBLE BITCOIN FAKE OUT!!!!
BTCUSDT
Although September is over and the so called long awaited "pump" is due... Bitcoin is still not out of the woods yet.
Bitcoin had a price break out and a High of around $53,000 USD when the market crashed due to the Evergrande crisis at 8th September. Bitcoin hit a closing low of $43,893 USD where it rallied up and tested the $49,000 USD during 16th September where it got rejected and fell back to the $46,800 USD level of support and again at a retest of $49,000 USD. Bitcoin got rejected again and fell back to a strong level of support at $40,000 USD and now has rallied up and is about to retest this tough resistance.
At the moment Bitcoin is still producing lower highs and lower lows and still remains in a down trend regardless of the pump. Bitcoin has shown signs of resistance at $47,800 USD.
This is a very crucial time for Bitcoin, BTC has to hold the $46,800 USD level of support and break the $49,000 USD level of resistance,
Personally I am bullish about Bitcoin on the short term But this breakout can be induced by the Hype surrounding the End of the dreadful month of September. The so called "October 1st Breakout" If Bitcoin cannot break the $49,000 USD level of resistance and also break out of the bearish trendline forming.
we are looking for a rally down to the key level of support at $46,800USD, it is too early to say definitely but bitcoin is showing rejection of that level of support indicating there is a buying force with a so called "wall" around that price point and it is very good to see.
When purchasing Bitcoin right now don't get fooled by the hype Bitcoin is still in a down trend producing lower highs and lower lows. This is a critical moment for Bitcoin and personally I will be keeping a close eye on the $49,000 USD and $46,800 USD levels.
REMBER!!!! BITCOIN IS STILL IN A DOWN TREND UNTIL IT HITS/CROSSES THE $49,000 DO NOT BLINDLY PUT ALL YOUR MONEY IN BECAUSE OF THE PUMP.
personally I had noticed divergence on the RSI and bought bitcoin at $41,265 USD and purchased more at $44,100 and will be holding back to really see how BTC tests this level of resistance. For all you late buyers who have just now seen the pump. WAIT!!!!! WAIT!! going in blindly full of emotion is the reason 95% of traders and investors fail. If BTC does break this resistance of $49,000 USD we are looking at a bullish rally all the way up to $60,000 USD - $65,000 USD.
Over all I think Bitcoin is extremely bullish but we will only get this confirmation if it can breaks past and holds $49,000 USD
However on the daily we can see Bitcoin is still on a down trend producing an all time high of $64,888 USD and now producing a high of $52,800 USD. To break this BTC Must break past $50,000 USD and build a strong support for a new all time high to be possible.
This is going to be a long journey but remember BTC rewards patient, BE PATIENT
IF you found this useful please give it a like and comment down below with any further ideas i'd like to hear some ideas!!!
THANKK YOU!!
LET'S MAKE SOME MONEY
THIS IS NOT FINANCIAL ADVICE
BTCUSDT
Although September is over and the so called long awaited "pump" is due... Bitcoin is still not out of the woods yet.
Bitcoin had a price break out and a High of around $53,000 USD when the market crashed due to the Evergrande crisis at 8th September. Bitcoin hit a closing low of $43,893 USD where it rallied up and tested the $49,000 USD during 16th September where it got rejected and fell back to the $46,800 USD level of support and again at a retest of $49,000 USD. Bitcoin got rejected again and fell back to a strong level of support at $40,000 USD and now has rallied up and is about to retest this tough resistance.
At the moment Bitcoin is still producing lower highs and lower lows and still remains in a down trend regardless of the pump. Bitcoin has shown signs of resistance at $47,800 USD.
This is a very crucial time for Bitcoin, BTC has to hold the $46,800 USD level of support and break the $49,000 USD level of resistance,
Personally I am bullish about Bitcoin on the short term But this breakout can be induced by the Hype surrounding the End of the dreadful month of September. The so called "October 1st Breakout" If Bitcoin cannot break the $49,000 USD level of resistance and also break out of the bearish trendline forming.
we are looking for a rally down to the key level of support at $46,800USD, it is too early to say definitely but bitcoin is showing rejection of that level of support indicating there is a buying force with a so called "wall" around that price point and it is very good to see.
When purchasing Bitcoin right now don't get fooled by the hype Bitcoin is still in a down trend producing lower highs and lower lows. This is a critical moment for Bitcoin and personally I will be keeping a close eye on the $49,000 USD and $46,800 USD levels.
REMBER!!!! BITCOIN IS STILL IN A DOWN TREND UNTIL IT HITS/CROSSES THE $49,000 DO NOT BLINDLY PUT ALL YOUR MONEY IN BECAUSE OF THE PUMP.
personally I had noticed divergence on the RSI and bought bitcoin at $41,265 USD and purchased more at $44,100 and will be holding back to really see how BTC tests this level of resistance. For all you late buyers who have just now seen the pump. WAIT!!!!! WAIT!! going in blindly full of emotion is the reason 95% of traders and investors fail. If BTC does break this resistance of $49,000 USD we are looking at a bullish rally all the way up to $60,000 USD - $65,000 USD.
Over all I think Bitcoin is extremely bullish but we will only get this confirmation if it can breaks past and holds $49,000 USD
However on the daily we can see Bitcoin is still on a down trend producing an all time high of $64,888 USD and now producing a high of $52,800 USD. To break this BTC Must break past $50,000 USD and build a strong support for a new all time high to be possible.
This is going to be a long journey but remember BTC rewards patient, BE PATIENT
IF you found this useful please give it a like and comment down below with any further ideas i'd like to hear some ideas!!!
THANKK YOU!!
LET'S MAKE SOME MONEY
THIS IS NOT FINANCIAL ADVICE
