#Bitcoin rebounds to $83,000 $BTC bounced from 80,393 to 82,650—is this just a rebound on easing oil prices?
My take: This move is news-driven, not a trend reversal.
1h range: 86,725 → 80,393; current price: 82,650, down 3.63% across the range.
The Bollinger Bands have narrowed to just 82,258 / 82,688 / 83,119. A direction is likely coming soon.
Key levels:
1) 83,119: It needs to break above this level on strong 1h volume for the rebound to have legs.
2) 82,258: A drop back below the lower band would downgrade the rebound to range-bound trading.
3) Invalidation: If 1h candles close below 80,393 consecutively, I’ll admit I’m wrong.
The rebound is riding on “no attack on Iran before the midterm elections” and Brent pulling back to around 103. News like this can come and go quickly. CPI is on 10/14, so I’m not chasing the move before the data.
Do you think it’ll hit 83,119 first this weekend, or pull back to 82,258 first?
#BTC #ContentMining
Just my personal opinion. Be aware of the risks, DYOR
My take: This move is news-driven, not a trend reversal.
1h range: 86,725 → 80,393; current price: 82,650, down 3.63% across the range.
The Bollinger Bands have narrowed to just 82,258 / 82,688 / 83,119. A direction is likely coming soon.
Key levels:
1) 83,119: It needs to break above this level on strong 1h volume for the rebound to have legs.
2) 82,258: A drop back below the lower band would downgrade the rebound to range-bound trading.
3) Invalidation: If 1h candles close below 80,393 consecutively, I’ll admit I’m wrong.
The rebound is riding on “no attack on Iran before the midterm elections” and Brent pulling back to around 103. News like this can come and go quickly. CPI is on 10/14, so I’m not chasing the move before the data.
Do you think it’ll hit 83,119 first this weekend, or pull back to 82,258 first?
#BTC #ContentMining
Just my personal opinion. Be aware of the risks, DYOR