BTC's Next Move?
2024-10-09

As you know I am following an upwards trend on the short term time frame, that so far has been fairly respectable of it's borders within the channel.

We peaked at the top of the channel, which was also a confluence area on the FIBs, and also the meeting point between the two channels (short term and long term) - It was evident this would be a strong bounce area. We bounced off here to $60k - Where we have three points of confluence, all of which are the golden pocket on the FIB's. Short, Mid and long term - Again, this became the floor of the short term upwards parallel channel - Again, you could safely assume, there would be a bounce here.

Upon the retest of the upwards short term parallel channel, mid area, we rejected this and have so far come back down to a point of Fibonnaci confluence, leading us to so far range along this area.

If this confluence area breaks, I do think we may see a temporary breakdown of the parallel channel on the short term and possibly ranging in the $59 - $60k area once again, where there is strong support on the Fibonnaci golden pocket confluence. I do not think or assume we will go lower than this at this point, as there is not much in terms of support below that, there is the .382 Speed Fan line, and a small confluence area below that, but most of our support, is around the levels we are at currently.

To be clear, I am expecting the current area to hold, and for us to see a bullish push upwards once again, breaking clear of this area of confluence, and again respecting the floor of this short term upwards parallel channel, however I can allow room for error pushing back down to the golden pocket area, with a potential wick to around $58k, which would touch the midpoint of the long term downtrend parallel channel, respecting the .382 Speed fan fib before a bullish push back up.

My overall bias remains bullish, I do not expect it to go lower, but I am prepared if it happens, BTC is acting as it should be, respecting levels fairly well and staying true to the range.

