Will Bitcoin Bounce And Move Higher Right Now? | Here Is Why!Bitcoin (BTCUSD) hit a low on the 30-Sept. and has been moving higher, slowly, since...
A peak price was hit yesterday (11-Oct.) at $8,820 with a long-wick/huge rejection candlestick.
But still, we believe Bitcoin will bounce and move higher, why?
The volume on the drop is really low... Bears are lacking strength. If Bitcoin drops some more and there is still no volume, then the bounce is guaranteed.
The RSI is still doing good above 40. Not strong but still good if above 44, right now it is 47.97.
Note: The blue rectangle is the potential sideways path for Bitcoin if it decides to do some sideways consolidation.
Multiple scenarios are drawn on the chart...
Where do you think Bitcoin is headed next?
Share your thoughts and charts in the comments section below.
Thanks a lot for reading.
This is Alan Masters.
Namaste.
Long