Last week, we didn’t justify the main scenario with a quick resumption of buys.
On the contrary, bitcoin showed a significant decline, breaking through 2 important buyer zones. This outcome was influenced by the escalation of the conflict in the Middle East.
Nevertheless, we’ve found support at the next zone and are already forming a reversal formation.
WHAT WILL HAPPEN: OR NOT?
At the moment, we’re at the mirror sell zones that formed during the decline at the beginning of the week. Locally, we should expect a decrease.
The priority scenario is the resumption of the upward movement through the test of a large volume zone of $62,600—$60,800, which we’re already positioning to buy. The target for the movement is $67,000.
• Wednesday, October 9, 1:00 (UTC) — announcement of the New Zealand interest rate decision; • Wednesday, October 9, 18:00 (UTC) — publication of the US FOMC protocols; • Thursday, October 10, 12:00 (UTC) — publication of the basic consumer price index for September, the consumer price index for September and for the entire past year, the number of initial applications for US unemployment benefits; • Friday, October 11, 6:00 (UTC) — publication of UK GDP for August and German consumer price index for September; • Friday, October 11, 12:30 (UTC) — publication of the Producer Price Index (PPI) USA for September.
*This post is not a financial recommendation. Make decisions based on your own experience.
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