After the long phase of correction and consolidation throughout Q2/3, Bitcoin has pushed into retracement levels.
A strong rejection from ~.702 has led to an ABC correction, bringing us to test critical support levels.
Our current test - Range top from late May - early August.
Should this level fail as support, a test of the 0.236 ($37,342) appears imminent.
These two mentioned levels pose extreme support, with net volume at the range top ($41,400) showing large buy volume.
Wicks are to be expected, with further levels including the 20W MA, and 100D MA, sitting just below $41,400.
The bottom line:
DCA entries from these levels are validated. The coming weeks should see a decline in BTC.D. I personally see most Alts as relatively undervalued.
Of course, the opposing argument is also strong, with a classic rejection from retracement levels leading to a prolonged bear market. This may well be the case, however I would be immensely surprised if a new local high is not put in during the next 4 months.
Best wishes.
A strong rejection from ~.702 has led to an ABC correction, bringing us to test critical support levels.
Our current test - Range top from late May - early August.
Should this level fail as support, a test of the 0.236 ($37,342) appears imminent.
These two mentioned levels pose extreme support, with net volume at the range top ($41,400) showing large buy volume.
Wicks are to be expected, with further levels including the 20W MA, and 100D MA, sitting just below $41,400.
The bottom line:
DCA entries from these levels are validated. The coming weeks should see a decline in BTC.D. I personally see most Alts as relatively undervalued.
Of course, the opposing argument is also strong, with a classic rejection from retracement levels leading to a prolonged bear market. This may well be the case, however I would be immensely surprised if a new local high is not put in during the next 4 months.
Best wishes.