Both sides have their arguments and there are similar chart patterns but the daily RSI with triple divergence suggests that the bottom is in.
Beers pressuring as weekly indicators signaling tops but bulls should at least secure an exit to 10k. Invalidated if close below 8,7 then its probably going to retest 7.8 for a butterfly.
XLM looks interesting, at a glance it is very similar to XRP except it is forming another bullflag instead of a descending triangle. And its no surprise because XLM market cap is much smaller compared to XRP and potentially much easier to pump. EOS kinds of reminds TRX, though the channel is a bit too loose and further away from the breakout point.
Tron actually looks like XRP 1st leg before bubble. Similar market cap figures upon launch too.
If btc gets trapped between 11.5 and 9.5 before reversing to bear again, we could actually get another alt saison! XRP and LTC retained their share of market cap nice, so we could be seeing XRP $1.20 and Litecoin $250.
Bullish 1h, 1d, wekly still bearish.. 11,5 could be the tops for the year.
If bitcoin actually lifts off from here it could go something like this, but those are profit taking points.
When it rejects 0.618 there is a high chance it rejects 0,786 as well, forming a bearish gartley. Standard 0,618 retrace of AD leg would then send it to retest support in 8k level. After bouncing from 8k for another retrace it would form the right shoulder. At that point everyone would be selling it, sending it back to log trendline and 200ma @ 6k.
Here is my shot at a big triangle, if BTC was to form one... but it is of course hypothetical.
With 3 monthly reds in a row things were starting to look very bearish for BTC but if October closes green, this could be a sign of consolidation. Wether this monthly macd strategy works or not, no one knows, but the possibility is there. RSI also formed double bottom if that counts. It's important to note that this is a monthly log chart, and price could still...
Bears can still take the upper hand if we fail to close daily above the red line, in which case it will send it to 5.8k. If daily close above the channel, then targets of 11.5k and even 16k are in sight, that's the theory. Either way we are due to a bounce right here favoring bulls in short term.
After consolidating at 7.8 I have readjusted my fibs and suddenly it looks like we've just completed a 0.618 bounce, without even knowing it.
Imo likely gartley scenario based on fibs and supports that relies on a 50 ma bounce, then finally return to mean.