The scenarios I’m watching
What does the move mean?🔼 Above 87.4K: Continued momentum and an attempt at the 88–90K zone🟡 85–87.4K: Choppy price action and consolidation/taking profits🔽 Below 85K: Potential correction toward 83.6K then 82K🔴 Below 82K with a clear close: Greater weakness in the last breakout
And the key point: there were strong inflows into U.S. spot Bitcoin ETFs, around $999 million on September 21, but some analysis also suggests that part of the recent rise came from the liquidation of short positions, so the increase alone shouldn’t be considered sufficient proof that the uptrend will continue.
In short: instead of chasing the price at 86K, the area worth monitoring is 85K from below and 87.4K from above. A clear break of either zone with a close will provide stronger information than just a momentary move.$BTC
What does the move mean?🔼 Above 87.4K: Continued momentum and an attempt at the 88–90K zone🟡 85–87.4K: Choppy price action and consolidation/taking profits🔽 Below 85K: Potential correction toward 83.6K then 82K🔴 Below 82K with a clear close: Greater weakness in the last breakout
And the key point: there were strong inflows into U.S. spot Bitcoin ETFs, around $999 million on September 21, but some analysis also suggests that part of the recent rise came from the liquidation of short positions, so the increase alone shouldn’t be considered sufficient proof that the uptrend will continue.
In short: instead of chasing the price at 86K, the area worth monitoring is 85K from below and 87.4K from above. A clear break of either zone with a close will provide stronger information than just a momentary move.$BTC