š°$BTC Daily chart analysis:
šWeāll probably see a short-term correction. Why? ETF selling, weakness, and a drop below the 83,000 level on the daily chart. Notice how price was rejected at Septemberās monthly close of 83,660. A retest of the 200 EMA would also help validate the breakout. I wouldnāt rule out an aggressive wick down to Septemberās low (75,500), where thereās pending liquidity.
šThe good news? The ādouble topā that formed is liquidity, so sooner or later price will go after it. Higher up, we have the 0.786 level of the entire structure, around $90,000ā$91,000. Thereās also pending liquidity a little above that, making it a potential reaction/profit-taking zone.
šWhat I expect is nothing unusual: a 6%ā7% correction before continuing upward, which is inevitable. Will it happen during the famous UpTober? As I said earlier, September closed at 83,660, so if we really are in a bullish month, we need to close above this level. That would mean the correction Iām expecting would happen before October 31.
š¬September, historically the most bearish month for $BTC , closed green. October, one of the most bullish months for $BTC ... will it close red? I donāt think so.
šWeāll probably see a short-term correction. Why? ETF selling, weakness, and a drop below the 83,000 level on the daily chart. Notice how price was rejected at Septemberās monthly close of 83,660. A retest of the 200 EMA would also help validate the breakout. I wouldnāt rule out an aggressive wick down to Septemberās low (75,500), where thereās pending liquidity.
šThe good news? The ādouble topā that formed is liquidity, so sooner or later price will go after it. Higher up, we have the 0.786 level of the entire structure, around $90,000ā$91,000. Thereās also pending liquidity a little above that, making it a potential reaction/profit-taking zone.
šWhat I expect is nothing unusual: a 6%ā7% correction before continuing upward, which is inevitable. Will it happen during the famous UpTober? As I said earlier, September closed at 83,660, so if we really are in a bullish month, we need to close above this level. That would mean the correction Iām expecting would happen before October 31.
š¬September, historically the most bearish month for $BTC , closed green. October, one of the most bullish months for $BTC ... will it close red? I donāt think so.