$BTC Bearish scenario
Double top with some bearish divergence on the larger time frames. Coming into September is a historically bad month for crypto as mentioned in the previous analysis.
Currently we have support at:
$48,200
$47,200 (100day ma - major support)
and $46,900-47,000 ascending channel support
Possible bearish targets
$41,000-$43,000
BTC will have completed a directional move within 3 days time - this is when the pennant completes.
Taking into consideration how bloody Septembers usually are we have to expect downside here as 9/10 Septembers have been red.
Can we still go up? Yes! we can defiantly see an impulse wave up to $51,000 before the end of October.
If we go down is the bullish outlook for the long term over? The short answer is no, historically we usual retest the 50ma which is around $42,500 right now - before continuing upward.
Double top with some bearish divergence on the larger time frames. Coming into September is a historically bad month for crypto as mentioned in the previous analysis.
Currently we have support at:
$48,200
$47,200 (100day ma - major support)
and $46,900-47,000 ascending channel support
Possible bearish targets
$41,000-$43,000
BTC will have completed a directional move within 3 days time - this is when the pennant completes.
Taking into consideration how bloody Septembers usually are we have to expect downside here as 9/10 Septembers have been red.
Can we still go up? Yes! we can defiantly see an impulse wave up to $51,000 before the end of October.
If we go down is the bullish outlook for the long term over? The short answer is no, historically we usual retest the 50ma which is around $42,500 right now - before continuing upward.