Bitcoin Weekly Review September 22nd – September 28th:
Is Bitcoin Bullish?
The controversy in the crypto market between the “bulls” and the “bears” is at a peak. The issue seems to be the supposed effect of the latest rate cut. Can rate cuts reverse the downtrend?
This flour has already been grounded, and nothing I say or do will change anyone’s opinion. I aim to present an objective measure based on Price and not opinion that will give us a conclusive and irrefutable answer to the question: Is Bitcoin Bullish?
A downtrend is defined as a series of consecutive lower highs and lower lows.
In that respect, there is no dispute that Bitcoin has been in a downtrend From March 13th until August 25th. The controversy began on September 6th because, on September 6th, Bitcoin failed to make a lower low. However, until today, it didn’t make a higher high either.
Image 1: Bitcoin March 13th – September 6th:
The coming week or two will put all this debate to rest.
Bullish Scenario:
Bitcoin is bullish if:
1. It makes a higher high (daily close) above 65,175.
2. A lower high, higher than 57,446.
Should Bitcoin close a daily candle above 65.175K and the subsequent pullback holds above 58K, Bitcoin is a buy because price is king.
Image 2: Bitcoin bullish scenario.
Bearish Scenario:
Bitcoin is bearish if:
1. It fails to make a higher high above 65.175K.
2. Even if it does make a higher high, the following low must be higher than 58K.
Image 3: Bitcoin Bearish Scenario:
If you feel FOMO, let me assure you that the market always gives you a second chance. If Bitcoin is going to 100K and above, you will have many stops to get in or out. Nothing in this chart “screams” a buy signal.
Best Wishes
The controversy in the crypto market between the “bulls” and the “bears” is at a peak. The issue seems to be the supposed effect of the latest rate cut. Can rate cuts reverse the downtrend?
This flour has already been grounded, and nothing I say or do will change anyone’s opinion. I aim to present an objective measure based on Price and not opinion that will give us a conclusive and irrefutable answer to the question: Is Bitcoin Bullish?
A downtrend is defined as a series of consecutive lower highs and lower lows.
In that respect, there is no dispute that Bitcoin has been in a downtrend From March 13th until August 25th. The controversy began on September 6th because, on September 6th, Bitcoin failed to make a lower low. However, until today, it didn’t make a higher high either.
Image 1: Bitcoin March 13th – September 6th:
The coming week or two will put all this debate to rest.
Bullish Scenario:
Bitcoin is bullish if:
1. It makes a higher high (daily close) above 65,175.
2. A lower high, higher than 57,446.
Should Bitcoin close a daily candle above 65.175K and the subsequent pullback holds above 58K, Bitcoin is a buy because price is king.
Image 2: Bitcoin bullish scenario.
Bearish Scenario:
Bitcoin is bearish if:
1. It fails to make a higher high above 65.175K.
2. Even if it does make a higher high, the following low must be higher than 58K.
Image 3: Bitcoin Bearish Scenario:
If you feel FOMO, let me assure you that the market always gives you a second chance. If Bitcoin is going to 100K and above, you will have many stops to get in or out. Nothing in this chart “screams” a buy signal.
Best Wishes
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