Bull Run Begins in October... 3 Potential Near-term supports
We've got a classic falling wedge pattern on the long term weekly. We fell out the bottom briefly, and now we've powered back in, and are temporarily breaking out the top of it. Great!
But I don't think we'll go straight up, as that's too good to be true.
So I think the next step is either sideways, or back to a support level;
1. The falling wedge upper line. (This could even be below the previous low)
2. The dotted trend-line. (The most likely / least offensive)
3. Simply retest the 3100 prior low.
And looking at the RSI for the last bullrun, and this bear market. There's clearly two zones. Above 50 we're in the bull market, and below it, we're in the bull market.
Assuming we somewhat repeat the previous pattern; you'd expect a correction to either the 50 level, or a quick dip below it (good setup for a capitulation candle). And then as we break through the 80 level; bulls are full steam ahead.
I think that'll happen in October.
Overall im long on Bitcoin, obviously. But short term, im expecting sideways / down. Gives the shit coins one last quarter to multiply your coins, before they all get left in the dust in Q4 before being dragged up sometime next year.
But I don't think we'll go straight up, as that's too good to be true.
So I think the next step is either sideways, or back to a support level;
1. The falling wedge upper line. (This could even be below the previous low)
2. The dotted trend-line. (The most likely / least offensive)
3. Simply retest the 3100 prior low.
And looking at the RSI for the last bullrun, and this bear market. There's clearly two zones. Above 50 we're in the bull market, and below it, we're in the bull market.
Assuming we somewhat repeat the previous pattern; you'd expect a correction to either the 50 level, or a quick dip below it (good setup for a capitulation candle). And then as we break through the 80 level; bulls are full steam ahead.
I think that'll happen in October.
Overall im long on Bitcoin, obviously. But short term, im expecting sideways / down. Gives the shit coins one last quarter to multiply your coins, before they all get left in the dust in Q4 before being dragged up sometime next year.
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