- Just like last time, we've entered oversold on the . Each time Bitcoin’ hits this level, it bounces and starts to move up.
- June's low is working as support.
- Buy in range: $6200 - $6350 for long.
- LONG TERM Bitcoin trade:
- Next target: $6500 (short term) followed by $6800.
- Next support: $6300 followed by $6200.
- Thanks a lot for reading. More updates coming soon.
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Let me add that he conventional markets reached ALL TIME HIGH, and are crashing: stocks, indexes, etc. and cryptocurrency has reached some DEEP LOWs, it is starting to move up.
So let it drop some more, just make sure to buy up as much as you want.
TIME TO BUY BITCOIN AGAIN.
Current bounce upwards came from the trendlines crossing area.
PRECISELY from the wick to wick:
- The major down trendline since March 5. and the second touch 25. July
- The major counter trendline since August 14. and the second touch October 12.
It pushed the price back inside the triangle and to get full confirmation from 4h candle close then we have to wait for another 1.5h. Yes, those are long minutes to wait but if we don't catch this Bart move quickly (Bart move is a movement down, a little consolidation and quickly back upwards, like the Bart Simpon haircut :D) then we may fall below this crossing area and that is a very bad sign. We may stay there for a pretty long time and that is not healthy for the whole market! Retail traders can't ever push the price back up if it falls below the crossing area, only ones who can push the price up above the crossing area are the market makers and who knows when they want to see higher prices.
I try to keep You updated, hopefully, it helps You out a little bit to confirm your own research!
All the best!