Bulls & Bears battle out at 7,700-8,400 to define future of BTC
My opinion - the Bulls and Bears split inside this support zone (blue box) between $7,700 - $8,400 until it hits the upside of the downward trading range (dashed lines). this is one of the most critical points for a breakup vs breakdown in a long time and will require a very close watch on 15/30/60 minute candlestick chart with one eye on the stock market.
We won't know if its a top range or bottom range until the 200 and 50 day SMAs break out of the downward trading range. I expect an upside breakout during Q4 and a retest of $10k but should be range traded until a true bottom is established. BTC will ride its 200 day SMA until a breakout to the upside near EoY. will also push altcoins to absorb more market share.
We won't know if its a top range or bottom range until the 200 and 50 day SMAs break out of the downward trading range. I expect an upside breakout during Q4 and a retest of $10k but should be range traded until a true bottom is established. BTC will ride its 200 day SMA until a breakout to the upside near EoY. will also push altcoins to absorb more market share.
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To be clear - If the "death cross" hits, we're going for the Bear case, but if the Bulls hold this "Blue Box" trading zone between 7700 and 8400 all the way until the downward trading range top end crosses below the price long enough for the MAs to move forward, we'll be looking at a lot of money coming in believing that $8000 is the new support. That increase over the previous "floors" would be enough to further validate BTC and spike the price.
