BTCUSD - Scenario is looking better for upside
2024-09-27

Great day to you all!

Not a huge update but it's been a few days since I've talked about my friend BTC. In several prior updates, I discussed the importance of overtaking the 50D SMA (Simple Moving Average). Well, we've done it. The other thing I've discussed is probabilities and a break of the Lower High, Lower Low pattern we've seen since March 2024. Well, we've done that, too.

So what's next? Well, from a probability standpoint, now that we've taken out all major moving averages on a daily timeframe, I'd be on a lookout for a pullback to buy. Likely will not happen in the coming days or maybe even weeks, but a pullback to the 60k area would be a good place to look for support. The longer we trade above 60k, the higher that target becomes.

Upside targets remain at 73k, 84k, 100k and if we get that, we'll evaluate from there. Upside reward is mostly in alts but take great care when choosing alts as they can be unpredictable and you can become victim to delisting, etc. Diversification in alts is the real key to success here.