BTC/USDT nobody puts bitcoin in a corner. Nobody.
Overview: Bitcoin is respecting the trendline from late July on the 4hr chart. It is also up against stiff resistance just above 12k. Bitcoin doesn't respond lightly to such patterns.
Analysis: Bitcoin has touched the black trendline shown almost 10 times since mid-late July's breakout. Since the top line line of resistance at 12k is almost perfectly horizontal, the pattern best used to analyze this chart remains to be a large, ascending triangle.
A break below the trendline would confirm a breakdown. I would expect a retest of the 10,900 support zone before a trend change occurs. A break below that support zone would suggest a medium-term trend change for bitcoin. A break above the 12,100 area would confirm a continuation to the upside, with first real resistance coming into the picture at 14k.
(It should be noted that Bitcoin is arguably just ranging from roughly 11k-12k at the moment. The lower, horizontal blue line in my chart provides a visual representation of this thesis. I am not opposed to this interpretation, but the triangle, in my opinion, takes precedence here due to the repeated testing of the trendline beginning July 21 converging with a perfectly horizontal resistance of roughly 12k.)
Deeper Dive: Bitcoin is in the midst of what can be called an identity crisis. It is being hailed as both digital gold and a risk-on asset - simultaneously. For this reason, we see a clear push and pull in the correlations drawn between bitcoin and other traditional asset classes.
Comments: I remain neutral in the fight over bitcoin's identity, but given the fundamental developments around the bitcoin-as-fiat-hedge narrative and the stability of the network at these valuations, I doubt that bitcoin's exponential growth potential is even close to being realized. This suggest continued volatility, and in an environment of growing uncertainty relative to federal reserve banking policies worldwide, bitcoin only stands to benefit.
Final Note: I'm as bullish as ever in bitcoin's long-term growth potential, and as my analysis suggests, I expect continued heightened periods of volatility, book-ended by uncomfortable stretches of greatly reduced volatility, as the market both witnesses, and takes part in, the unfolding individuation of the most popular digital currency on the planet.
Good luck!
"Every day is a little life, every waking and rising, a little birth, every fresh morning, a little youth, every going to rest and sleep, a little death."
Analysis: Bitcoin has touched the black trendline shown almost 10 times since mid-late July's breakout. Since the top line line of resistance at 12k is almost perfectly horizontal, the pattern best used to analyze this chart remains to be a large, ascending triangle.
A break below the trendline would confirm a breakdown. I would expect a retest of the 10,900 support zone before a trend change occurs. A break below that support zone would suggest a medium-term trend change for bitcoin. A break above the 12,100 area would confirm a continuation to the upside, with first real resistance coming into the picture at 14k.
(It should be noted that Bitcoin is arguably just ranging from roughly 11k-12k at the moment. The lower, horizontal blue line in my chart provides a visual representation of this thesis. I am not opposed to this interpretation, but the triangle, in my opinion, takes precedence here due to the repeated testing of the trendline beginning July 21 converging with a perfectly horizontal resistance of roughly 12k.)
Deeper Dive: Bitcoin is in the midst of what can be called an identity crisis. It is being hailed as both digital gold and a risk-on asset - simultaneously. For this reason, we see a clear push and pull in the correlations drawn between bitcoin and other traditional asset classes.
Comments: I remain neutral in the fight over bitcoin's identity, but given the fundamental developments around the bitcoin-as-fiat-hedge narrative and the stability of the network at these valuations, I doubt that bitcoin's exponential growth potential is even close to being realized. This suggest continued volatility, and in an environment of growing uncertainty relative to federal reserve banking policies worldwide, bitcoin only stands to benefit.
Final Note: I'm as bullish as ever in bitcoin's long-term growth potential, and as my analysis suggests, I expect continued heightened periods of volatility, book-ended by uncomfortable stretches of greatly reduced volatility, as the market both witnesses, and takes part in, the unfolding individuation of the most popular digital currency on the planet.
Good luck!
"Every day is a little life, every waking and rising, a little birth, every fresh morning, a little youth, every going to rest and sleep, a little death."
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