Bitcoin – $17300 in October!

Hello, everyone!

I found another one super realistic scenario which confirms that the bottom could be this month. Locally I did couple mistakes according to trading chaos approach on the 1h timeframe. I will continue study trading chaos, but today let’s use the classical TA tools.

Using 1D timeframe lets analyze the mid-term scenario. If we take a look at the last 3 months the price every time found support at the S1 monthly levels. It is the support line which is often respected, thus from time to time I use it in my analysis. I want you to bring your attention that in October the S1 is located at $17300, which is only $200 below that the lowest point of this bear market. The slight lower low is the perfect reversal setup. In this case we will see enough fear to activate the panic sellers and at the same time the liquidity provision to the large players. Moreover the lower low can be the evidence of the bearish wave 5 end which is in conjunction with the MACD divergence will enhance the long signal.

Best regards, Ivan