#BTCUPDATE - 4.OCT.21
FAKEOUT & RETURN TO CONSOLIDATION
A strong rejection at $49.2k brought the price directly back into the continued consolidation triangle and now back to awaiting which direction is going to be confirmed.
Unfortunately an unfilled weekly pivot has a appeared that usually has a high chance of being filled - so it can be looking like a bearish break out at this stage. Some more positive news from the US government would certainly help sway things but right now not looking great.
A break up of $48.5k will almost certainly take us to $50k and a break down of $47k can realistically take us to $45k.
I would not be trading until confirmation of direction.
FAKEOUT & RETURN TO CONSOLIDATION
A strong rejection at $49.2k brought the price directly back into the continued consolidation triangle and now back to awaiting which direction is going to be confirmed.
Unfortunately an unfilled weekly pivot has a appeared that usually has a high chance of being filled - so it can be looking like a bearish break out at this stage. Some more positive news from the US government would certainly help sway things but right now not looking great.
A break up of $48.5k will almost certainly take us to $50k and a break down of $47k can realistically take us to $45k.
I would not be trading until confirmation of direction.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.