Yesterday's Bitcoin (BTC) rally stopped at the 200-day moving average near 8600. To enhance the bull case, we wanted to see Bitcoin (BTC) burst through the 200-DMA. If Bitcoin (BTC) does break above the 200-DMA, it would be incredibly bullish. If Bitcoin (BTC) doesn't break above the 200-DMA, then the bears have a window to press Bitcoin (BTC).
We prefer to maintain a positive crypto outlook headed into Q4. That said, we have to respect the chart, respect resistance, and respect the fact that there are bears out there.
Bottom Line: Yesterday's rally left us feeling optimistic. A break above 8600 implies a move to 9000. If Bitcoin (BTC) can't break above 8600, we have to respect the bears' point of view.
We prefer to maintain a positive crypto outlook headed into Q4. That said, we have to respect the chart, respect resistance, and respect the fact that there are bears out there.
Bottom Line: Yesterday's rally left us feeling optimistic. A break above 8600 implies a move to 9000. If Bitcoin (BTC) can't break above 8600, we have to respect the bears' point of view.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.