Bitcoin: Trend Up
Despite fears of a pull back last time, the market re-energised itself with a slow start higher after a failed Key Reversal Down attempt two days after my last report. This carried on well until the 17th when prices turned lower following the 'fork'. They stabilised and then had a dramatic try lower on the 22nd that ended with a Key Reversal Up and we were once again moving higher. This petered out at the 50% Projected Fib of the mid-August move at 4923.19 with a Key Reversal Down. However, there has been limited follow through so far (though it is only one session as such) yet I note the low of Saturday's action was in line with the high back in mid-August which leads me to think that the support underneath might be substantial.
So where now? Well, both the Bullish Andrews & Schiff Pitchforks have given good account and are still valid but I'd like to draw your attention to one other thing. If we were to consider the action late July/early-to-mid August as one leg of a bull flag and the second leg starting at the bottom of the dip on the 17th then we have a potential target just short of the next 50% Projected Fib at 5680.59. This seems a reasonable potential bullish scenario. As for a bearish scenario...you'd need to see consecutive closes below the dip at 3581.99 to even consider that at this moment. At this point, I would draw your attention to the crossover dates of the Tines...but they are quite steep and I would rather you looked at them yourselves and not take my word on the dates.
Support is currently at 4482, 4447, 4281 - 4273, 4153 (dynamic), 4116, 4026, 3779 and 3581.
Resistance is at 4710 (dynamic), 4819, 4923 - 5073, 5365, 5516 and 5680.
Bullet point stays fully bullish.
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