Bitcoin Technical Analysis Update - Week 40
What a week for Bitcoin! Is this strong breakout gave back the momentum to the bulls?
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Summary
The Breakout
VPVR & POC
Fibonacci Levels
Weekly Close
Monthly Close
Fear & Greed Index
Weekly Plan
7.1 First scenario
7.2 Second scenarioOverall
1. The Breakout
We all waited for this breakout for more than a week. Bulls finally give it to us and pumped Bitcoin above $47,000 which allowed it to move away from its danger zone.
Now, Bitcoin is ranging between $47,000 and $48,200, this looks like a good consolidation but a small pullback can still occur.
2. VPVR & POC
Current POC is at $47,400, the level that Bitcoin is trying to hold as a support right now. Last LTF candles bounce from there in the past few days, we’ll see how this time this level will react.
3. Fibonacci Levels
As usual, Fibonacci levels are doing a great job. During the last strong breakout, Bitcoin managed a daily close above the 0.5 fib at $46,850. For more than two days, this fib act as good support but Bitcoin didn’t really retest it yet. That’s mean a pullback below $47,000 is still probable imo.
4. Weekly Close
What a weekly close! Bulls really did a good job here, this weekly candle printed an HL and a HH. Now, when you look at this weekly chart, previous dump from $53,000 seems to be a simple and healthy correction.
5. Monthly Close
The September candle also printed an HL and en HH. We all know that September was going to be a red month followed by a green Q4, and, in fact on the October 01, Bitcoin printed a $4,000+ candle, what a start!
6. Fear & Green Index
After few days in Fear and Extreme Fear, market sentiment is back in Neutral. This is currently represented on the Bitcoin’s chart since we are stuck in a $1,000 range.
7. Weekly Plan
7.1. First scenario:
Bitcoin goes back and successfully retest the the 0.5 fib at $46,850
Bounce back to the Weekly Open and flip it as support
Bullish continuation toward $50,000/$51,000
7.2. Second scenario:
The 0.5 fib failed to hold as support
Bearish retest on this fib level and more correction is expected toward $45,000
Bounce from this area, reclaim $46,850 and then flip the Weekly Open as support.
8. Overall,
As expected, September was a shitty month. Now, we are in the long awaited Q4 and Bitcoin gave us a awesome start!
Is now time to manage your portfolio and rotate your money into the best asset. Theses three months can change your life!
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