What's going on Crypto Peeps?
BTC is in a critical position with a mixed market of Long and Shorts leaning Short. Whales despite the fear, appear to be accumulating more BTC offline. Based on the RSI , FIB we are headed to the bottom of the triangle below to test above or below $7852. We may have some bull traps today with low volume. If we fall below the $7852 support zone, we don't have much support volume on the VPVR showing very little if any resistance to the downside. This would be BTC's bearish 4th attempt to crush $7700 to the downside.
My personal opinion is bullish and I don't think the bearish sentiment will hold, but if we do in fact breach this delicate support area, the measured drop target is around $6500 and could wick on a panic sell off around $5500. This target below $8304, would make October the 4th consecutive month in a row to bear down as a red candle. In 2018 we dropped like a rock after 4 months of the same pattern. Patterns can repeat ? Maybe not 2019....
Now for the bulls I am taking a big long around confirmation $7850 with stops around $7750, then flip short to 6500 if we go below this zone. If we bounce off the $7850 support line to the upside and sail past 50 EMA daily and 100 weekly then we are looking around $8800-9300 Long. More upside targets of course and I do think we will have a rally, as this is rally time before year end..... $7900-8100 is a strong buy zone historically.
Good luck and see you at the top or bottom.. !
BTW - give my boys Crypto Savvy on YT a Like and Crypto Zombie a like..!
(stay tune for USDT - -stable coin law suit news...)
BTC is in a critical position with a mixed market of Long and Shorts leaning Short. Whales despite the fear, appear to be accumulating more BTC offline. Based on the RSI , FIB we are headed to the bottom of the triangle below to test above or below $7852. We may have some bull traps today with low volume. If we fall below the $7852 support zone, we don't have much support volume on the VPVR showing very little if any resistance to the downside. This would be BTC's bearish 4th attempt to crush $7700 to the downside.
My personal opinion is bullish and I don't think the bearish sentiment will hold, but if we do in fact breach this delicate support area, the measured drop target is around $6500 and could wick on a panic sell off around $5500. This target below $8304, would make October the 4th consecutive month in a row to bear down as a red candle. In 2018 we dropped like a rock after 4 months of the same pattern. Patterns can repeat ? Maybe not 2019....
Now for the bulls I am taking a big long around confirmation $7850 with stops around $7750, then flip short to 6500 if we go below this zone. If we bounce off the $7850 support line to the upside and sail past 50 EMA daily and 100 weekly then we are looking around $8800-9300 Long. More upside targets of course and I do think we will have a rally, as this is rally time before year end..... $7900-8100 is a strong buy zone historically.
Good luck and see you at the top or bottom.. !
BTW - give my boys Crypto Savvy on YT a Like and Crypto Zombie a like..!
(stay tune for USDT - -stable coin law suit news...)