BTC-USD. Bulls and Bear October is the month of decisions
Hey guys Vinnycrypto here for an overdue market update.
First of all, it is very important for you guys to chart based on exchanges that are based on real FIAT and not USDT as both exchanges will currently tell 2 different stories as USDT value is currently under 1$.
Here is my analysis of Bitstamp .
Here we can see that we are still in our triangle with the top trend line acting as a resistance. Doubled up with the 20 day moving average.
Bulls:
You are looking for a daily confirmation over the 20 day and triangle with big volume . Do not get excited if there is no volume as chances is we will retest support and fail. just to be back in our triangle.
Once past our triangle, we can confirm bullishness at the break out of the 0.5- .618 fib zone of our current downtrend. Breaking this almost guarantees a test of the previous top resistance. Breaking 7400 would be extremely bullish and we will start seeing people calling for the next bull run. If we break it with volume , I believe these people will be right.
Bears:
Getting rejected of the 20 day moving average and the top trend line of the triangle will shoot us straight back to the bottom trend line . I expect this rejection to be strong enough to push us downwards, retesting the 6000- 6100 zone.
Breaking support would lead us straight to our previous bottom where BTC -0.63% will have to make the most important decision of this bear market. Are we staying bear for a longer period of time or are we confirming market structure once again, before going bull.
All in all, BTC -0.63% volatility is at a a yearly low and is due for a breakout. I believe that October will be the month where it all plays out so I will make sure to update as often as I can.
Keep alert, let your emotion on the side and be ready to play bull or bear guys.
Hit the like button if you like what you read. Follow me on here and twitter so you don't miss my updates in this critical time. Comment any critics and questions that you have and most importantly, trade safe.
First of all, it is very important for you guys to chart based on exchanges that are based on real FIAT and not USDT as both exchanges will currently tell 2 different stories as USDT value is currently under 1$.
Here is my analysis of Bitstamp .
Here we can see that we are still in our triangle with the top trend line acting as a resistance. Doubled up with the 20 day moving average.
Bulls:
You are looking for a daily confirmation over the 20 day and triangle with big volume . Do not get excited if there is no volume as chances is we will retest support and fail. just to be back in our triangle.
Once past our triangle, we can confirm bullishness at the break out of the 0.5- .618 fib zone of our current downtrend. Breaking this almost guarantees a test of the previous top resistance. Breaking 7400 would be extremely bullish and we will start seeing people calling for the next bull run. If we break it with volume , I believe these people will be right.
Bears:
Getting rejected of the 20 day moving average and the top trend line of the triangle will shoot us straight back to the bottom trend line . I expect this rejection to be strong enough to push us downwards, retesting the 6000- 6100 zone.
Breaking support would lead us straight to our previous bottom where BTC -0.63% will have to make the most important decision of this bear market. Are we staying bear for a longer period of time or are we confirming market structure once again, before going bull.
All in all, BTC -0.63% volatility is at a a yearly low and is due for a breakout. I believe that October will be the month where it all plays out so I will make sure to update as often as I can.
Keep alert, let your emotion on the side and be ready to play bull or bear guys.
Hit the like button if you like what you read. Follow me on here and twitter so you don't miss my updates in this critical time. Comment any critics and questions that you have and most importantly, trade safe.