The original price path outlined in "BTC: 2 Week Potential Price Path" on the 7th September is still intact. As such, I thought it prudent to publish an updated forecast based on recent price action. Based on multiple factors, it is in my opinion that the price action will follow the following parameters:
- The recent price action to the upside following the break of the symmetrical triangle should be limited to 47.9k (50% retracement of the sell-off), with a maximum bounce to 48.3k
- One or more of the fib levels must be hit within the time window highlighted by the green rectangle
- The lowest fib level that is hit, prior to breaking the resistance of the descending purple channel, will be the lowest point that we will see BTC at before the bull-run continues
Trade Plan -target the 38k level, unless the resistance of the descending purple channel is broken first or we are approaching the end of the time window.
- The recent price action to the upside following the break of the symmetrical triangle should be limited to 47.9k (50% retracement of the sell-off), with a maximum bounce to 48.3k
- One or more of the fib levels must be hit within the time window highlighted by the green rectangle
- The lowest fib level that is hit, prior to breaking the resistance of the descending purple channel, will be the lowest point that we will see BTC at before the bull-run continues
Trade Plan -target the 38k level, unless the resistance of the descending purple channel is broken first or we are approaching the end of the time window.
Trade closed manually:
Closed early