Hello! I have been away for a while but my original analysis is playing out pretty accurately. (www.tradingview.com/...in-BTC-USD-Forecast/)
While we did break the short term uptrend line (purple line) it was not supported by strong volume and seemed to recover quickly. Additionally, the larger uptrend started back in April is still intact. The blue highlighted areas are showing the market being supported by this trend line. This is also while the price fights to stay above the 100 daily MA. This is a crucial level to hold if we are to stay in a bull market. With the highly anticipated launch of the Bakkt futures market set for September 23, the market seems to be in a state of limbo waiting for its next big move. The low liquidity and scarcity of Bitcoin mean when the market does move it tends to be violent.
We can also observe that volume has been on a steady decline since the peak of this rally. Given all these factors this is just a straight-up textbook BTC bull market consolidation. A pullback of 30% with declining volume while validating an uptrend line. While there may not be decades of market history to rely on, this is a pattern that has been observed repetitively in Bitcoins short 10 years of existence.
If we hold this uptrend line until the Bakkt launch it will violate the downtrend line that has formed this consolidation wedge we are in. If this happens I would be 101% bullish on the price movement. Let's keep an eye on it and see how things progress into next week.
Happy Trading!!
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While we did break the short term uptrend line (purple line) it was not supported by strong volume and seemed to recover quickly. Additionally, the larger uptrend started back in April is still intact. The blue highlighted areas are showing the market being supported by this trend line. This is also while the price fights to stay above the 100 daily MA. This is a crucial level to hold if we are to stay in a bull market. With the highly anticipated launch of the Bakkt futures market set for September 23, the market seems to be in a state of limbo waiting for its next big move. The low liquidity and scarcity of Bitcoin mean when the market does move it tends to be violent.
We can also observe that volume has been on a steady decline since the peak of this rally. Given all these factors this is just a straight-up textbook BTC bull market consolidation. A pullback of 30% with declining volume while validating an uptrend line. While there may not be decades of market history to rely on, this is a pattern that has been observed repetitively in Bitcoins short 10 years of existence.
If we hold this uptrend line until the Bakkt launch it will violate the downtrend line that has formed this consolidation wedge we are in. If this happens I would be 101% bullish on the price movement. Let's keep an eye on it and see how things progress into next week.
Happy Trading!!
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