๐ค #BTCLIVE - 29.09 ๐ค
TLDR:
Short-Term (-1 Day)
70:30- Bullish:Bearish
Mid-Term (1 Week+)
40:60
Bullish:Bearish
Long-Term (1 Month+)
60:40 - Bullish:Bearish
OVERVIEW:
All things looking relatively bullish over the next day or so for BTC - there is still some significant resistance to get through at $20.5k region with long term trendlines and high resistances volume. September close is notoriously bearish, so I still expect this to ring true. Expecting some very heavy volatility tomorrow with the options expiration. Ultimately my general thoughts are that we are going to track up to about $20.5k and then have a very heavy retracement from there - this could well extend well below $19k back to the $18.7k support. We are nearing the end of this daily Descending triangle so a big move is expected out of that, they are a a pretty bearish pattern and the weekly descending wedge also suggests that a $16k is still on the cards without invalidating the pattern. So in a nutshell don't commit too heavy to longs rn , we still need to break this 20DEMA in order to get any where and losing $19.1k and the 200EMA on the 1hr will likely see the start of the downward movement.
TECHNICAL ANALYSIS:
+BULLISH FACTORS:
+ Low overhead Volume to $20.5k
+ Flipped VWAP
+ FLIPPED 200 EMA 1H
+ Holding Daily Support
+ Bullish Divergence on the Daily
+ Descending Wedge on the Weekly
+ Volume is consolidating for breakout
BEARISH FACTORS:
- 20 DEMA proving tough resistance
- Overbought Rejection on Local Resistance
- Descending Triangle on the Daily
+ Local trendline resistance
NEWS:
Bull:
+ Senator Lummis calls out U.S. leaders to welcome Bitcoin as it โcanโt be stoppedโ
+๐ฆ๐ช UAE's Ministry of Economy opens headquarters in the #metaverse.
+ UK investors turn to Bitcoin as GBP weakens, new data shows
cryptopanic.com...-new-data-shows?utm_source...
Bear:
- Gary Gensler Speaking today
Volatility
* Powell speaking today at 3.15pm UK time
* Options expiration on tomorrow
MARKET SENTIMENT:
Fear & Greed Index - Sep 28, 2022:
Today: 20 (Extreme Fear)
Yesterday: 20 (Extreme Fear)
Avg. 1W: 22 ๐ฑ
Avg. 2W: 22 ๐ฑ
Avg. 1M: 23 ๐ฑ
Avg. 2M: 28 ๐ฑ
Avg. 3M: 27 ๐ฑ
Avg. 6M: 23 ๐ฑ
Avg. 1Y: 32 ๐ฃ
๐ธ #Bitcoin
Price: $19,116
24h Low: $18,903
24h High: $20,339
MC Change: -$1.2B (-0.3%)
Dominance: 37.7%
24h: -0.4%
7d: -2.3%
14d: -14.4%
30d: -4.8%
60d: -19.8%
200d: -51.6%
1y: -55.9%
$BTC #BTC @bitcoin #bitcoin
TLDR:
Short-Term (-1 Day)
70:30- Bullish:Bearish
Mid-Term (1 Week+)
40:60
Bullish:Bearish
Long-Term (1 Month+)
60:40 - Bullish:Bearish
OVERVIEW:
All things looking relatively bullish over the next day or so for BTC - there is still some significant resistance to get through at $20.5k region with long term trendlines and high resistances volume. September close is notoriously bearish, so I still expect this to ring true. Expecting some very heavy volatility tomorrow with the options expiration. Ultimately my general thoughts are that we are going to track up to about $20.5k and then have a very heavy retracement from there - this could well extend well below $19k back to the $18.7k support. We are nearing the end of this daily Descending triangle so a big move is expected out of that, they are a a pretty bearish pattern and the weekly descending wedge also suggests that a $16k is still on the cards without invalidating the pattern. So in a nutshell don't commit too heavy to longs rn , we still need to break this 20DEMA in order to get any where and losing $19.1k and the 200EMA on the 1hr will likely see the start of the downward movement.
TECHNICAL ANALYSIS:
+BULLISH FACTORS:
+ Low overhead Volume to $20.5k
+ Flipped VWAP
+ FLIPPED 200 EMA 1H
+ Holding Daily Support
+ Bullish Divergence on the Daily
+ Descending Wedge on the Weekly
+ Volume is consolidating for breakout
BEARISH FACTORS:
- 20 DEMA proving tough resistance
- Overbought Rejection on Local Resistance
- Descending Triangle on the Daily
+ Local trendline resistance
NEWS:
Bull:
+ Senator Lummis calls out U.S. leaders to welcome Bitcoin as it โcanโt be stoppedโ
+๐ฆ๐ช UAE's Ministry of Economy opens headquarters in the #metaverse.
+ UK investors turn to Bitcoin as GBP weakens, new data shows
cryptopanic.com...-new-data-shows?utm_source...
Bear:
- Gary Gensler Speaking today
Volatility
* Powell speaking today at 3.15pm UK time
* Options expiration on tomorrow
MARKET SENTIMENT:
Fear & Greed Index - Sep 28, 2022:
Today: 20 (Extreme Fear)
Yesterday: 20 (Extreme Fear)
Avg. 1W: 22 ๐ฑ
Avg. 2W: 22 ๐ฑ
Avg. 1M: 23 ๐ฑ
Avg. 2M: 28 ๐ฑ
Avg. 3M: 27 ๐ฑ
Avg. 6M: 23 ๐ฑ
Avg. 1Y: 32 ๐ฃ
๐ธ #Bitcoin
Price: $19,116
24h Low: $18,903
24h High: $20,339
MC Change: -$1.2B (-0.3%)
Dominance: 37.7%
24h: -0.4%
7d: -2.3%
14d: -14.4%
30d: -4.8%
60d: -19.8%
200d: -51.6%
1y: -55.9%
$BTC #BTC @bitcoin #bitcoin
