BTC is fast approaching the LT downward sloping trendline that it formed from the Nov 2021 ATH and will have to decide whether to break out or break down by Oct 7/8.
The bulls have been unable to break this trendline since Nov 2021 and were rejected by it at the end of March (just before the April, May & June crashes) as well as on Sept 13th, where we had a failed breakout & re-test of the BF channel & trendline.
Oct 7/8 are the dates to watch to see which way price goes. Expect a breakout to the $21K - $23K range if the bulls take control, or a breakdown to the $16K - $17.6K range if the bears win the battle.
I personally expect it to break down from here before a sizeable relief rally into mid Oct before the final leg down at the end of Oct/early Nov, but anything is possible so let's not get married to any ideas.
Regardless of how it plays out in the ST, my LT thesis remains intact.
Cheers
The bulls have been unable to break this trendline since Nov 2021 and were rejected by it at the end of March (just before the April, May & June crashes) as well as on Sept 13th, where we had a failed breakout & re-test of the BF channel & trendline.
Oct 7/8 are the dates to watch to see which way price goes. Expect a breakout to the $21K - $23K range if the bulls take control, or a breakdown to the $16K - $17.6K range if the bears win the battle.
I personally expect it to break down from here before a sizeable relief rally into mid Oct before the final leg down at the end of Oct/early Nov, but anything is possible so let's not get married to any ideas.
Regardless of how it plays out in the ST, my LT thesis remains intact.
Cheers