A peak price was hit yesterday (11-Oct.) at $8,820 with a long-wick/huge rejection .
But still, we believe Bitcoin will bounce and move higher, why?
- The on the drop is really low... Bears are lacking strength. If Bitcoin drops some more and there is still no , then the bounce is guaranteed.
- The is still doing good above 40. Not strong but still good if above 44, right now it is 47.97.
Note: The blue is the potential sideways path for Bitcoin if it decides to do some sideways consolidation.
Multiple scenarios are drawn on the chart...
Where do you think Bitcoin is headed next?
Share your thoughts and charts in the comments section below.
Thanks a lot for reading.
This is Alan Masters.