Chart of the day

Where do we stand fundamentally?

Bitcoin has recently experienced significant price movements, fueled by various factors. As of mid-September 2024, Bitcoin surged to over $64,000, marking a recovery from recent lows and reflecting a broader crypto market rebound. This uptick has been driven by short liquidations, increased accumulation by investors, and the impact of the recent Bitcoin halving, which reduces the supply of new Bitcoins entering circulation​

Bitcoin is going for a test of the upside resistance 69000 which is the most important for an extension to 90000. A break below 69000 will lead to a continuation higher in a fifth wave in the medium to long term. Invalidation of this immediate upside extension could come upon a break below 59000.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle is 47000. As said this extension higher could lead to a 90000 target in the medium-term to long-term if the Bitcoin breaks above 69000. Reversal however is possible and a new swing-down retrace to 50000 only if we see a break below 58500.

_{Try a long trade entry with a narrow stop loss below 8250 upon a break above 8370 to target 8500 and higher.}