Original article on CoinTelegraph
Some points from the article...
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There is a solid base of support near $46,500
A more detailed analysis of the recent price action was offered by options trader and pseudonymous Twitter user John Wick, who posted the following chart highlighting the bullish and bearish reversals that have occurred over the past two weeks.
BTC/USD 4-hour. Source: Twitter
According to Wick, the recent price action from BTC has established “a solid base support,” which is represented by the yellow horizontal line at $46,588, which is structurally “called a stage 1 base.”
A more detailed analysis of the recent price action was offered by options trader and pseudonymous Twitter user John Wick, who posted the following chart highlighting the bullish and bearish reversals that have occurred over the past two weeks.
BTC/USD 4-hour. Source: Twitter
According to Wick, the recent price action from BTC has established “a solid base support,” which is represented by the yellow horizontal line at $46,588, which is structurally “called a stage 1 base.”
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Trader and pseudonymous Twitter user Crypto Ed_NL likewise sees a bounce coming in the future and he posted the following chart outlining how the price action could play out in the next few weeks.
BTC/USD 1-hour chart. Source: Twitter
Crypto Ed_NL said,
“Expectations for the coming hours: 1 more leg down pre FOMC into the green boxes, a bounce after FOMC, continuation of the bull run.”
BTC/USD 1-hour chart. Source: Twitter
Crypto Ed_NL said,
“Expectations for the coming hours: 1 more leg down pre FOMC into the green boxes, a bounce after FOMC, continuation of the bull run.”
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Echoes of September’s BTC price action
A final bit of perspective was offered by crypto investor and pseudonymous Twitter user Crypto Bull God, who posted the following chart comparing the current price action for BTC with how it performed in September before going on a bullish breakout.
BTC/USD 12-hour chart. Source: Twitter
The analyst said,
“Been staring at this the past few days. Not saying this will happen, but I certainly see a similarity now as compared to back in Sept. of this year."
A final bit of perspective was offered by crypto investor and pseudonymous Twitter user Crypto Bull God, who posted the following chart comparing the current price action for BTC with how it performed in September before going on a bullish breakout.
BTC/USD 12-hour chart. Source: Twitter
The analyst said,
“Been staring at this the past few days. Not saying this will happen, but I certainly see a similarity now as compared to back in Sept. of this year."