As we have approached this larger downward trend line to the upside, we have run into resistance. Which is no surprise. Bucking a down trend typically happens slowly and after the markets chops around. Of course, a piece of news could send it up quite significantly which would, of course, null the slow move up. var tradingview_embed_options = {}; tradingview_embed_options.width = '770'; tradingview_embed_options.height = '481'; tradingview_embed_options.chart = 'cbZMtVpC'; new TradingView.chart(tradingview_embed_options);
You can see that after we broke the $6,550/$6,600 zone to the upside, the market has come back down to that area and used it as support. I imagine that we will chop around from this point and wouldn’t be surprised to see it dip below 6.5k a bit before getting a rebound to form more of a bottom.
It was very coincidental that our last report spoke about a move coming after the VanEck decision, and then the decision came shortly thereafter. While I was expecting the SEC to announce something this week, they decided to last week. This went accordingly, as we saw a move up in BTC shortly after the delay was announced and my post. See previous analysis here.
Bottom line: I imagine it will chop its way through the trend line by the beginning of October, and we’ll get a push to 7.5k, and then chop upwards through October.
Of course, we need to be mindful of this 6.2k area. If this breaks and the trend line/support area collapses, we will see more downside.
Happy Hodling,
Sherem
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