BTC Update! Making sense of the significant move!
Wow. BTC sure provided the most excitement probably all year yesterday. So lets do a quick recap and try and see where things are shaking out.
Had our initial triangle BTC was inside for 3 months (end of June to end of September)
This finally broke bearish and began the trip down towards what I was calling a critical support zone roughly at 7400-7750
We saw three touches at the top of the support zone before going into what I was watching as a slightly bad looking but possible head and shoulders pattern
H&S confirmed and broke bearish to send us down to the bottom of the support zone and even about $100 under.
Price then danced around the bottom of zone for about 36 hours (7400-7500 range) and the bulls held support
Then blast off. Massive bull volume poured in and BTC price took off. Sending price from 7400's to 10,500 in under 24 hours.
I was initially watching bottom of our triangle for resistance which was around 9600-9700 or so. Price did initially reject off the bottom of triangle to retest 9k and then blast off again to over 10k.
Price did run out of momentum once above the bottom of initial triangle and we are now sitting down around 9200.
So from here... bulls looking for a higher low which should be of zero concern in setting/finding. Ideally I'd like to see this well above 8500.
EMAs will start catching up here which would be ideal for the bulls. Allows everything to calm/cool down and then prepare for next leg up.
High of yesterdays top (some may say its a blow off top) was $10,540. We had some massive volume and some big time FOMO for those caught off guard which allowed some pretty extreme price action with shorts covering, FOMO kicking in, everyone pushing price the same direction.
I would not be surprised with a much slower trading weekend. Dust settles. Monday hits and media once again picks up the topic of bitcoin, ideally setting up for some more FOMO and to get the next leg up.
Bulls now must defend those lows down around 7400 and ideally never retest there again. I've eye balled this 8400-8500 area as being fairly critical. We had several tops/bouncing around here over the last several days with resistance initially so ideally want that to hold as future support. 9k will be the next level I'd watch. Psychological number and thus far bulls held it by $15 showing they'd like to set that as their higher low but we shall see how the weekend shakes out.
Sorry for long write up but one exciting day in the market. Hopefully anyone following along was able to accumulate down in what I was calling our support zone of 7400-7750. If you sold at bottom of triangle around 9600-9700 to take profits then all the better. Can now look to refill down here as BTC seeks to set its higher low and ideally move for higher highs to begin the stair stepping up process.
Just My 2 Sats!
Had our initial triangle BTC was inside for 3 months (end of June to end of September)
This finally broke bearish and began the trip down towards what I was calling a critical support zone roughly at 7400-7750
We saw three touches at the top of the support zone before going into what I was watching as a slightly bad looking but possible head and shoulders pattern
H&S confirmed and broke bearish to send us down to the bottom of the support zone and even about $100 under.
Price then danced around the bottom of zone for about 36 hours (7400-7500 range) and the bulls held support
Then blast off. Massive bull volume poured in and BTC price took off. Sending price from 7400's to 10,500 in under 24 hours.
I was initially watching bottom of our triangle for resistance which was around 9600-9700 or so. Price did initially reject off the bottom of triangle to retest 9k and then blast off again to over 10k.
Price did run out of momentum once above the bottom of initial triangle and we are now sitting down around 9200.
So from here... bulls looking for a higher low which should be of zero concern in setting/finding. Ideally I'd like to see this well above 8500.
EMAs will start catching up here which would be ideal for the bulls. Allows everything to calm/cool down and then prepare for next leg up.
High of yesterdays top (some may say its a blow off top) was $10,540. We had some massive volume and some big time FOMO for those caught off guard which allowed some pretty extreme price action with shorts covering, FOMO kicking in, everyone pushing price the same direction.
I would not be surprised with a much slower trading weekend. Dust settles. Monday hits and media once again picks up the topic of bitcoin, ideally setting up for some more FOMO and to get the next leg up.
Bulls now must defend those lows down around 7400 and ideally never retest there again. I've eye balled this 8400-8500 area as being fairly critical. We had several tops/bouncing around here over the last several days with resistance initially so ideally want that to hold as future support. 9k will be the next level I'd watch. Psychological number and thus far bulls held it by $15 showing they'd like to set that as their higher low but we shall see how the weekend shakes out.
Sorry for long write up but one exciting day in the market. Hopefully anyone following along was able to accumulate down in what I was calling our support zone of 7400-7750. If you sold at bottom of triangle around 9600-9700 to take profits then all the better. Can now look to refill down here as BTC seeks to set its higher low and ideally move for higher highs to begin the stair stepping up process.
Just My 2 Sats!
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