Looking back at our TA on Sept 4th, the market was bearish, and we identified the descending bottom channel and our 50MA as potential support levels within a 1W TF. Our predicted price target for BTC was reached within 3 days, followed by a strong bounce off the median + 2 MA. After a brief struggle, BTC successfully broke through this resistance backed by volume.
On Sept 13th, we predicted that BTC would likely reach the median and 2 MAs, approximately 59k. We recognized the psychological resistance at this level and emphasized the need for increased volume to break through. BTC did indeed encounter resistance near this area but managed to overcome it a few days later, after bouncing off the previously identified support levels of the 50D MA (1W) and the bottom of the channel.
On Sept 20th, we outlined potential scenarios for BTC's future movement. Currently, BTC is approaching this area and has encountered some resistance. We remain optimistic about a potential breakout, indicated by a green candle closing above the channel. Our next step is to observe whether there will be a retest or a continued upward movement.
As discussed previously, BTC might retest the upper line of the descending channel or consolidate in this area, potentially forming a new pattern before a significant move. While I initially held a bearish bias for Sept, I have since adjusted my bias to anticipate a potential positive return. Our target for BTC remains at 70k.
TLDR:
This post summarizes our TA of BTC throughout September. We predicted BTC's movements, including its recent breakout from the descending channel. While we closely monitor BTC's direction for potential adjustments, we're currently holding our long positions and strategically trimming profits as opportunities arise.
#HMSTRonBinance
#SpotGoldATH
#CATIonBinance
#BTCReboundsAfterFOMC
#NeiroOnBinance
$BTC
