👀 Bitcoin looks good for NY Open [BTC Channel Analysis]

As mentioned yesterday, if we fell through 23750, BTC looked prime for further downside pressure. Bitcoin touched the long term resistance which traces all the back to November 2020, the start of the bull run, and was swiftly rejected. Market makers aren't ready to stop accumulating yet.

The pressure is building though; the short term FIB .5 and Golden Pocket resistance levels laid out in the most recent dump in mid June are holding strong thus far. Only a few % under them now, with multiple touches in the past weeks, how much longer can the bears hold the line?

Last nights NY close and Asia open pushed us through the bottom part of the rising channel we've been bouncing back and forth in since mid June. I mentioned 23750 the past few days as a key point to watch, and I wasn't far off.

Short-term we are seeing mixed signals. Not unusual right before a huge switch in direction. Summer is ending. And usually, this has been a place where trends change. We're only days away from completing a pretty clean decending wedge on the 2h chart, which usually break in the opposite direction.

My next low target to watch for short opportunities is 23250. 👀

On the upside, we need to recover 23750, without a clean volume backed rejection at 24000, or it's sad days ahead for HODL'ers. Unless of course, they have cash and taking a DCA approach, as I might think we all should.

I'm leaning toward a strong pump after the US opens today. It might start down, with a fakeout reversal to trap, so keep those stop losses tight!

Cheers! Be safe!

Comment:

Don't forget to check out my analysis on YT as well. It's still pretty bad quality, but every week, a little better! Your support is greatly appreciated!