🔥 Bitcoin Still In No-Mans Land: Several Scenarios

Oct 6, 2022

Over the last couple of weeks I've made several bearish longer-term analyses on both BTC and the overall markets. Recently, there's been a huge uptick in bullish sentiment because stocks have seen a sharp reversal, which took crypto with it.

In my view, this week's bullish move adds nothing of value to the longer-term outlook of crypto. We're still in a bearish descending triangle which is waiting for either a bullish or bearish triangle.

My overall view of the market is still bearish, so I'm anticipating a bearish rejection from the top dotted resistance. However, if we break bullish we can surely see a move towards >22k.

I'm waiting for either of two things:
- Bullish: a bullish break out through the top dotted resistance
- Bearish (high risk): a bearish reversal from the top resistance
- Bearish (lower risk): a bearish break out through the bottom green support areas.

Bearish targets in blue.