BTCUSD - range zone with accumulation expected

28 oct. 2020

As laid out in my previous publications (please do check them - links attached), the 13.8K level is providing resistance and stopped the latest move up. Logical, as this is the highest monthly close we've ever seen, and it already provided resistance back in June of 2019 after a spectacular bull run.

While back in those days, this was the signal for a big decline and a (failed) test of previous lows, I do not expect that to happen this time.

What I see for the rest of Q4 is for price to range within the levels defined on the chart, providing an opportunity to re-accumulate. 2021, as said in previous publications will most likely be when we will breach this 13.8-14k level and find support on it, to test the ATH levels later in the year.

What are your thoughts? Leave them down in the comments below.
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Have a great day!

28 oct. 2020

Note

This snapshot shows in more detail what the buy level is determined by. The bulls have gained a level and need to defend 11.9K to maintain the upper hand. Bears will try to push it lower, which provides our opportunity to buy in that zone.
I would not try and buy all at the bottom of the zone, but layer my buy orders in the top half of it.