bitcoin market analysis: EVERYONE IS WRONG
#Bitcoin market update: Price action on #btc and most cryptos has been extremely slow with lowest volume ever recorded. However this could mean one of two things a clear accumulation is going on, now the question lies. Are we going up or down ?
Well we have simplified of what we thing could possible happen.
Scenario A (blue line) - Bitcoin is sitting on its last support leg between 21.8K-25k. This support is very important to be held if we want any sort of upside scenario to play out. If the current level holds we could see #btc blow past the resistance of 30k and up towards 35.8K. This level is the 61.8 fib retracement zone , as well as a major supply area on the monthly. We anticipate price to have a sharp pullback there after towards the lows of $12k. Where lies an unfilled area.
Scenario B (orange line): #btc fails to hold current support base and collapses towards the lows of 12-10k. This could be a likely scenario as well since we have formed a double top on the weekly which typically indicates a trend change.
Keep your eyes peeled for CPI news of 13 September, this could be a decider.
Well we have simplified of what we thing could possible happen.
Scenario A (blue line) - Bitcoin is sitting on its last support leg between 21.8K-25k. This support is very important to be held if we want any sort of upside scenario to play out. If the current level holds we could see #btc blow past the resistance of 30k and up towards 35.8K. This level is the 61.8 fib retracement zone , as well as a major supply area on the monthly. We anticipate price to have a sharp pullback there after towards the lows of $12k. Where lies an unfilled area.
Scenario B (orange line): #btc fails to hold current support base and collapses towards the lows of 12-10k. This could be a likely scenario as well since we have formed a double top on the weekly which typically indicates a trend change.
Keep your eyes peeled for CPI news of 13 September, this could be a decider.