Looking at this morning's rally, it feels good. It feels like it's going to the moon. On Sunday (10/5), Bitcoin (BTC) looked so bad it looked like it was going to 7400.
For Bitcoin analysis this morning, we are looking at a 2D chart of XBTUSD on BitMEX. XBTUSD is sitting right below a significant Fib speed resistance line and directly below a major horizontal support line. That level is 8244. Stochastics are still in an oversold position.
Bottom Line: The recovery off the lows is impressive, and it feels great to see green. We continue to believe that Bitcoin will benefit from weakness in the stock market and geopolitical uncertainties. We can't see how big traditional portfolio managers can avoid buying Bitcoin in Q4. All that said, we need to Bitcoin breakout on the upside. Based on Gann's work, the best-case scenario would be a strong burst through 8500.
For Bitcoin analysis this morning, we are looking at a 2D chart of XBTUSD on BitMEX. XBTUSD is sitting right below a significant Fib speed resistance line and directly below a major horizontal support line. That level is 8244. Stochastics are still in an oversold position.
Bottom Line: The recovery off the lows is impressive, and it feels great to see green. We continue to believe that Bitcoin will benefit from weakness in the stock market and geopolitical uncertainties. We can't see how big traditional portfolio managers can avoid buying Bitcoin in Q4. All that said, we need to Bitcoin breakout on the upside. Based on Gann's work, the best-case scenario would be a strong burst through 8500.
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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.