Oct 2 - Bitcoin resistance/support levels & buy/sell zones
The sideway movement should soon be coming to an end. A breakout is imminent, but in which direction will it be?
Breakouts well above 6k9 to 6k7 levels (along the wedge pattern) would definitely be bullish sign. However, that move would still need to be confirmed by a higher high around 8k2, before it can be considered a move into a bull market.
On the other hand, a breakout below 6k1 levels, might force the price of Bitcoin to fall further. Watch out for potential bear traps though. In my opinion, at current levels, there seems to be little room to go down much more. However, the recent insolvency situation around Tether's former bank Noble and the lack of transparency with Tether regarding being backed by actual reserves, may still cause a lot of disruption in the market, if things turn out to be bad.
Breakouts well above 6k9 to 6k7 levels (along the wedge pattern) would definitely be bullish sign. However, that move would still need to be confirmed by a higher high around 8k2, before it can be considered a move into a bull market.
On the other hand, a breakout below 6k1 levels, might force the price of Bitcoin to fall further. Watch out for potential bear traps though. In my opinion, at current levels, there seems to be little room to go down much more. However, the recent insolvency situation around Tether's former bank Noble and the lack of transparency with Tether regarding being backed by actual reserves, may still cause a lot of disruption in the market, if things turn out to be bad.
