BTC Sept 9th: Bear trap or bullish run?

9 set 2020

With BTC dropping to $9850 the other day we hit a new bottom price, and with that a new Fibonacci sequence. On the 7th you can see BTC tried to break out of the resistance line at .236, but got rejected and dipped down to around 10k +- a couple hundred. Today we've seen steady support throughout the day from bulls. If BTC can break the resistance line at $10374 we could see a new support line with a new resistance line at $10698. Of course BTC could get rejected and hit a new bottom but I doubt that given the sheer increase in interest of blockchain technology in big business over the past couple years and big ETF's like Greyscale buying massive amounts of BTC. With these big institutions warming up to BTC, only time stands in the way until it blows up again, just don't get caught in a bear trap along the way.

Disclaimer: This is not a prediction of the market, simply my ideas I've formed from reading. Do not take this as investment advice, It's simply an analysis of where I think BTC is going after reading and watching it closely lately.