Everything is marked on chart here including important levels and supports and resistances to keep eyes on.
Bitcoin is continuing to respect the demand zone which we laid previously in past weeks.
As long as the demand zone is being respected we can't call out a bottom here and the demand zone remains the bottom, once we lose the demand zone which potentially lies in between 40-39k then we'd be able to call out for the bottom which could lie around 36.5-34k area. 34k is the strong support range (pink box) from where we can expect a bounce once we lose the demand zone. Keeping in mind that nothing is certain in trading or charts.
Once 45k area reclaims and our sentiments can change to bullish towards a rally of 50-52k but still there are huge resistances that were formed around 47-48k region.
On the other side, USDT.D is moving towards a potential bullish move and if it keeps going like this till 4.0 or flips 4.1 then 34k BTC is highly possible and that could turn out very very bad and that would be an end of a bull run.
Overall Sentiment: Expecting choppy price action/accumulation here (40-42k) till 1st few days of October'21, if market is bullish. If bearish and we break the demand zone, should see strong impulse moves to the downside all the way until $34k or may be even lower.
Bitcoin is continuing to respect the demand zone which we laid previously in past weeks.
As long as the demand zone is being respected we can't call out a bottom here and the demand zone remains the bottom, once we lose the demand zone which potentially lies in between 40-39k then we'd be able to call out for the bottom which could lie around 36.5-34k area. 34k is the strong support range (pink box) from where we can expect a bounce once we lose the demand zone. Keeping in mind that nothing is certain in trading or charts.
Once 45k area reclaims and our sentiments can change to bullish towards a rally of 50-52k but still there are huge resistances that were formed around 47-48k region.
On the other side, USDT.D is moving towards a potential bullish move and if it keeps going like this till 4.0 or flips 4.1 then 34k BTC is highly possible and that could turn out very very bad and that would be an end of a bull run.
Overall Sentiment: Expecting choppy price action/accumulation here (40-42k) till 1st few days of October'21, if market is bullish. If bearish and we break the demand zone, should see strong impulse moves to the downside all the way until $34k or may be even lower.
Comment:
Chart update: BTC reclaims 45k and the price is above my pivot point as given on the chart. I would like BTC to hold the daily above 45k here, a nice retest around 46k over the weekend would be nice here to remain bullish towards 50-52k.
