There are many reasons to go up but also going down is starting to look way more charming than ever right now.
Let's examine what we have;
-FED is about to cut rates for a second time but we'll most likely to see another rate cut in december which is bullish af.
-All companies are keeping buying Bitcoin more and more which is kinda good but might be a problem for decentrlation of Bitcoin.
-US is more likely to bring more regulations about stablecoins which will effect positivly Bitcoin.
On the other hand;
-China and US are still faceing a trade war even if they state othervise.
-ETF's are not buying Bitcoin as much as they did last year.
-US and Venezuela might have a conflit very soon.
-Israel-Hamas and Russo-Ukraine wars hasn't actually over yet.
-Gold is going on god mode.
-DXY is trying to recover in weekly timeframe but is less likely due to rate cuts.
-Elliot wave theory tells us that we might actually be in the A-B-C correction cycle.
-Volume is decreasing, which is bad and supports the Elliot waves.
- Trendline support is about to be lost (Tried to break it twice in a week).
-There is a CME gap left around $92K
Well, all we have to do is, combining the factors.
If BTC breaks below the supportive trendline we will most likely drop through demand zone which is highlited in the chart. If US and China makes peace (less likely), Bitcoin actually has real reasons to try a new all time high.
The main point is simple: Wait for one of two things to happen:
Either the trendline will be broken and we'll see below the $100K, which will give us new opportuinites.
Or, Bitcoin recovers $118400 and the entire bearish senario would be invalidated and Bitcoin goes like crayz again.
Thank you for reading.
Let's examine what we have;
-FED is about to cut rates for a second time but we'll most likely to see another rate cut in december which is bullish af.
-All companies are keeping buying Bitcoin more and more which is kinda good but might be a problem for decentrlation of Bitcoin.
-US is more likely to bring more regulations about stablecoins which will effect positivly Bitcoin.
On the other hand;
-China and US are still faceing a trade war even if they state othervise.
-ETF's are not buying Bitcoin as much as they did last year.
-US and Venezuela might have a conflit very soon.
-Israel-Hamas and Russo-Ukraine wars hasn't actually over yet.
-Gold is going on god mode.
-DXY is trying to recover in weekly timeframe but is less likely due to rate cuts.
-Elliot wave theory tells us that we might actually be in the A-B-C correction cycle.
-Volume is decreasing, which is bad and supports the Elliot waves.
- Trendline support is about to be lost (Tried to break it twice in a week).
-There is a CME gap left around $92K
Well, all we have to do is, combining the factors.
If BTC breaks below the supportive trendline we will most likely drop through demand zone which is highlited in the chart. If US and China makes peace (less likely), Bitcoin actually has real reasons to try a new all time high.
The main point is simple: Wait for one of two things to happen:
Either the trendline will be broken and we'll see below the $100K, which will give us new opportuinites.
Or, Bitcoin recovers $118400 and the entire bearish senario would be invalidated and Bitcoin goes like crayz again.
Thank you for reading.
Trade active
Perfectly Bounced from the dip of the channel. In the coming days, market will face both with the FED and BOJ in a row. Be careful.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.