Bitcoin: The Truth
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Monthly: Signs of exhaustion from our the bulls around the 112K-
13K zone.
Red zones showing previous consolidations zones as well as existing.
Long-term momentum is in favor of the bulls, (2) possible scenarios can play out from this price zone.
A.) Price continues to consolidate at this level until we receive positive crypto news causing some FOMO pushing BTC above and beyond 13K. Not expecting a move like this to happen in the next couple of weeks but over the course of a couple of months. We can expect a move like this to happen between November - early January.
B.) Scenario #2 we see
BTC price continue to respect our descending wedge down to 7.5K-8K. Possible panic sells towards the bottom of the wedge @ 5K; this would confirm monthly uptrend with a bounce at this level. Analyzing the smaller timeframes will give us a better idea of what our key levels are.
Unpopular opinion: According to our monthly timeframeBTC does not fall below 8.6K.
https://www.tradingview.com/x/tDdMBNSX/
Weekly: Shifting over to the pattern timeframe we see price ranging between 9.7K-11.5K. Higher highs & higher lows shown respecting our trend, a weekly close above/below this 10K zone (highlighted in red) leads BTC to its next direction. A weekly close in/above our zone and expect an extension towards the upside, a close below and expect a panic sell towards 8K
Daily: Finally shifting over to our trigger timeframe weBTC has found support @ 9.5K, followed by a higher low @ 10K. Stochastic RSI showing momentum has slowed down and is no longer in favor of bulls. A daily close above 10.4K and we can expect a nice run towards the top of our ascending wedge @ 11.5K. Depending on how fast we get to 11.5K we may see some FOMO price action push towards 13.5K.
Monthly: Signs of exhaustion from our the bulls around the 112K-
13K zone.Red zones showing previous consolidations zones as well as existing.
Long-term momentum is in favor of the bulls, (2) possible scenarios can play out from this price zone.
A.) Price continues to consolidate at this level until we receive positive crypto news causing some FOMO pushing BTC above and beyond 13K. Not expecting a move like this to happen in the next couple of weeks but over the course of a couple of months. We can expect a move like this to happen between November - early January.
B.) Scenario #2 we see
BTC price continue to respect our descending wedge down to 7.5K-8K. Possible panic sells towards the bottom of the wedge @ 5K; this would confirm monthly uptrend with a bounce at this level. Analyzing the smaller timeframes will give us a better idea of what our key levels are.Unpopular opinion: According to our monthly timeframe
BTC does not fall below 8.6K.https://www.tradingview.com/x/tDdMBNSX/
Weekly: Shifting over to the pattern timeframe we see price ranging between 9.7K-11.5K. Higher highs & higher lows shown respecting our trend, a weekly close above/below this 10K zone (highlighted in red) leads BTC to its next direction. A weekly close in/above our zone and expect an extension towards the upside, a close below and expect a panic sell towards 8K
Daily: Finally shifting over to our trigger timeframe we
BTC has found support @ 9.5K, followed by a higher low @ 10K. Stochastic RSI showing momentum has slowed down and is no longer in favor of bulls. A daily close above 10.4K and we can expect a nice run towards the top of our ascending wedge @ 11.5K. Depending on how fast we get to 11.5K we may see some FOMO price action push towards 13.5K.
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