Bitcoin's daily chart just printed its most bearish momentum signal of this consolidation.
On Oct 8 BTC traded down to $80,806, below its 20-day moving average, and the daily MACD line fell beneath its signal line with the histogram turning negative, according to crypto.news. The 4-hour RSI collapsed to 21.15 and price slipped under the lower Bollinger Band. Analysts now flag $78,000, then $75,000 as the downside magnets if support fails.
The other side of the tape: Bitget Wallet's research lead says a move toward $93,000 is possible if Treasury yields ease and inflation cools, and October Fed rate-hike odds have collapsed from 64% to about 23%. BTC has already bounced back toward $82,500.
Here's my read: oversold readings on the 4-hour chart tend to snap back hard, but a daily MACD cross is not a 4-hour oversold blip. It is the slowest, most deliberate sell signal on the momentum board, and it is telling us the bounce back to $82.5K is still counter-trend until proven otherwise. The macro case for a real turn is building, with hike odds cratering. Levels and odds are colliding right at $80K.
Does the MACD cross win, or does the rate relief win? $BTC $ETH
On Oct 8 BTC traded down to $80,806, below its 20-day moving average, and the daily MACD line fell beneath its signal line with the histogram turning negative, according to crypto.news. The 4-hour RSI collapsed to 21.15 and price slipped under the lower Bollinger Band. Analysts now flag $78,000, then $75,000 as the downside magnets if support fails.
The other side of the tape: Bitget Wallet's research lead says a move toward $93,000 is possible if Treasury yields ease and inflation cools, and October Fed rate-hike odds have collapsed from 64% to about 23%. BTC has already bounced back toward $82,500.
Here's my read: oversold readings on the 4-hour chart tend to snap back hard, but a daily MACD cross is not a 4-hour oversold blip. It is the slowest, most deliberate sell signal on the momentum board, and it is telling us the bounce back to $82.5K is still counter-trend until proven otherwise. The macro case for a real turn is building, with hike odds cratering. Levels and odds are colliding right at $80K.
Does the MACD cross win, or does the rate relief win? $BTC $ETH