Bitcoin Turning Bullish? The Last Barrier
2024-10-16

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.