Bitcoin Turning Bullish? The Last Barrier

15 oct

The first signs or symptoms of change, shows up as volatility.

Bitcoin became extremely volatile as it moved higher, as it was headed toward resistance.

Back on 29-July, we saw how a move above $70,000 resulted in a massive rejection. Bitcoin only lasted above this level several minutes.

Today, as a major lower high compared to late July, Bitcoin lasted only a few seconds below $68,000. As soon as this level was about to be hit we saw a very strong wave of selling.

Bears are ready to sell at resistance and this way before reaching 70K.

👉 We continue to keep a bearish bias long-term as long as Bitcoin trades near-to or below resistance.

✔️ If Bitcoin can break and close above 71,000 and/or 74,000 monthly, we would consider this a potentially bullish chart setup.

✔️ As long as Bitcoin trades near resistance and within a lower high, this continues to be a strongly bearish chart setup.

Another 80M worth of over-leveraged positions were liquidated within a single day. By the time Bitcoin stars to crash the bears won't have any money left; classic.

➢ We continue 100% bearish on Bitcoin unless/until resistance is breaking.

Bearish at resistance; bullish at support.

Buy low & sell high.

Thank you for reading.

Namaste.