BTCUSD is approaching our first resistance at 6809 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 5890 (horizontal swing low support, 61.8% Fibonacci extension). RSI (34) is also approaching resistance and we might see a corresponding drop in price should it react off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
I keep emphasizing this, but nearly every new post suggests we are going “UP, UP, UP!”,= while anything is possible, I have to agree that there will be a dip at the VERY least in order to push forward, but many don’t want to hear that.
Cay7mon
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Luv ur work. I for 1 thought we are in a bear market???? Why most are bullish at the moment???? we all want it to be up but PRICE don't care about what we want.
Wowmuhcharts
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@Cay7mon, we are in a consolidating market. Not a bearish one. Not until we see a lower low. All we're seeing right now is higher lows. Which, in turn, leads to a consolidating market.
Cay7mon
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@Cay7mon, Agree, consolidation in a bearesh trend is it not? I luv the bull to come back but can't see it. Could it be a bear trap bro??? Luv ur work again.
InvestingScope
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We are also targeting 6000 on medium term. Volumes will show if investors consider that a support or not:
TheAlphaTrades
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Thank you for hard work!
This is my BTC analysis for Oct 8. I discuss larger time frames | order blocks | potential price movements for next few months | 4h time frame short term move:
Edgy_
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Thanks for your analysis. We'll see a break coming this week both with Bitcoin & Ethereum, see my video:
VaidoVeek
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Hello!
I can say almost definitely, this week, we can see a pretty big movement!
The price is between the major down/trendline and historically worked curve support line and it is almost ready to make a breakout!
All the best!
rlsingjirtb
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Thanks for the analysis good sir!
weslad
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This may be perfect time for BTC to break 6800 and test 7500+ zone.