$Bitcoin just closed September around $83K. Here's what I'm watching in October.
September was better than most people expected. $BTC bounced hard from the mid-60s in August, tagged $87.4K on the 21st, then slowly gave some of it back. It couldn't hold $85K, and that's really the story of the month.
Right now price is sitting on support, closer to $83K than to resistance. I'm not calling it weak, but I'm not calling it a breakout either.
The levels on my chart:
Above: $85–85.5K first, then $87.4K, then $90K if buyers take control.
Below: $83K, $82K, and the big one at $80K. The 50 and 100-week EMAs around $78K are my line in the sand for the bigger trend.
How I see it playing out:
Most likely, we chop between $80K and $85K for a while. If we reclaim $85.5K and push through $87.4K, $90K comes into play. If we lose $80K on a daily close, I'd expect a test of $78K, and a weekly close below that opens the door to the mid-$70s.
What could go wrong: yields near 5.3%, a Fed that hasn't finished hiking, short-term holders sitting on big profits, and spot demand that has cooled even though ETF inflows are still positive. Any one of those can flip the mood fast.
Trend is up since August, but it isn't confirmed until $85.5K is reclaimed. Until then I'm trading levels, not predictions.
What's your level for October? Let me know below.
Not financial advice. This is just my read of the chart. Crypto is extremely volatile and you can lose everything you put in, so do your own research and only risk what you can afford to lose.
#Bitcoin #BTC #BitcoinAnalysis #Uptober #CryptoMarkets
September was better than most people expected. $BTC bounced hard from the mid-60s in August, tagged $87.4K on the 21st, then slowly gave some of it back. It couldn't hold $85K, and that's really the story of the month.
Right now price is sitting on support, closer to $83K than to resistance. I'm not calling it weak, but I'm not calling it a breakout either.
The levels on my chart:
Above: $85–85.5K first, then $87.4K, then $90K if buyers take control.
Below: $83K, $82K, and the big one at $80K. The 50 and 100-week EMAs around $78K are my line in the sand for the bigger trend.
How I see it playing out:
Most likely, we chop between $80K and $85K for a while. If we reclaim $85.5K and push through $87.4K, $90K comes into play. If we lose $80K on a daily close, I'd expect a test of $78K, and a weekly close below that opens the door to the mid-$70s.
What could go wrong: yields near 5.3%, a Fed that hasn't finished hiking, short-term holders sitting on big profits, and spot demand that has cooled even though ETF inflows are still positive. Any one of those can flip the mood fast.
Trend is up since August, but it isn't confirmed until $85.5K is reclaimed. Until then I'm trading levels, not predictions.
What's your level for October? Let me know below.
Not financial advice. This is just my read of the chart. Crypto is extremely volatile and you can lose everything you put in, so do your own research and only risk what you can afford to lose.
#Bitcoin #BTC #BitcoinAnalysis #Uptober #CryptoMarkets