BTC SITTING AT HUGE PIVOT
Updated
Bitcoin is now sitting at a huge pivot point, which is the base of the descending triangle we capitulated from. We have a daily, 2-day, 3-day, 4-day and weekly candle close at 5 pm PST today - so this is a major inflection point and very important close today. If we can close above the 9400-9450 area I'd say we are looking really good. If not, I wouldn't say it's bad but it could just mean we are in for a retest of the 8.8 to 9.1K area before resuming our uptrend. Also - I should update my Oct. 3 post about Bitcoin sitting at a major bull-bear crossroads (see link to post below). I said in that post that if we ended up having a green month, which it appears we are on track for, then really all we've done is bull-market business as usual by coming down to retest the Monthly 10 SMA. This is why it's so important to trade on the higher time frames and not get caught up in the emotions or whale/market maker-driven tricks/shenanigans of the lower time frames.
Note
Here's link to post I referred to:
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Conservatively, I'd say we need to close today's candle above 9500 if we can to continue the uptrend. Otherwise, we'll probably go sideways within in the 8800 to 9450 range for at least a few days.
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