Ever since Bitcoin hit $67k, it has been trading down. An over-leveraged market is the main reason for the current bearish move. However, it's very notable that every "dip" is being bought up quickly.
During BTC's bearish move, a clear bearish channel has appeared on the chart. Over the last couple of hours, BTC saw a massive bullish move towards the top of the channel. Will BTC break out and continue the bull-run from earlier in October?
Most bullish scenario would be for Bitcoin to break out and move towards $63.5k in the coming days. Seeing that a lot of alts are seeing massive returns today and yesterday, it indicates that investors are still very bullish.
However, there's still a very decent chance that Bitcoin will reverse from the channel's resistance and move down. In that case, please refer to yesterday's BTC analysis for a potential area of reversal.
Happy trading!
During BTC's bearish move, a clear bearish channel has appeared on the chart. Over the last couple of hours, BTC saw a massive bullish move towards the top of the channel. Will BTC break out and continue the bull-run from earlier in October?
Most bullish scenario would be for Bitcoin to break out and move towards $63.5k in the coming days. Seeing that a lot of alts are seeing massive returns today and yesterday, it indicates that investors are still very bullish.
However, there's still a very decent chance that Bitcoin will reverse from the channel's resistance and move down. In that case, please refer to yesterday's BTC analysis for a potential area of reversal.
Happy trading!
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