As mentioned in my previous post on BTCUSD, my final support level is on 41K ish... and it has proven to be so..
Even though it wick below a couples of time and close 1 time (4h) below it, it still manage to rise and close above it..
Looking at today's rally, if BTC cant consolidate above 43K, a test to the 0.5 and 0.618 fib level may be in play (The box)
Looking at the current situation and dates, I think 41K and 42K might be the bottom (Candle close, not wick)..
October is known for it bullish rally, so let's see how BTC will play then...
Summary:
Best case scenario: Bottom is in..
Medium case scenario: The bottom is not in.. and its now only a relief rally... Bottom then would be in 38K-ish according to previous fractal pattern...
Worst case scenario (doubt will happen): Dip below 37K and testing previous low in 30k-ish...
For now I am kinda 60-40 for best and medium case respectively... The worst case is kinda out of the picture considering current news, crypto implementation, and the month we currently in.
And as always, this is not a financial advise...
Comment what you think below
Even though it wick below a couples of time and close 1 time (4h) below it, it still manage to rise and close above it..
Looking at today's rally, if BTC cant consolidate above 43K, a test to the 0.5 and 0.618 fib level may be in play (The box)
Looking at the current situation and dates, I think 41K and 42K might be the bottom (Candle close, not wick)..
October is known for it bullish rally, so let's see how BTC will play then...
Summary:
Best case scenario: Bottom is in..
Medium case scenario: The bottom is not in.. and its now only a relief rally... Bottom then would be in 38K-ish according to previous fractal pattern...
Worst case scenario (doubt will happen): Dip below 37K and testing previous low in 30k-ish...
For now I am kinda 60-40 for best and medium case respectively... The worst case is kinda out of the picture considering current news, crypto implementation, and the month we currently in.
And as always, this is not a financial advise...
Comment what you think below