Moving back above $44.5K would likely confirm that the low is in, otherwise a re-test of the accumulation zone (particularly $38-40K) wouldn't be out of the question, now that price has already flirted with this support zone.
Not much to report on the Bitcoin price as not a lot has changed in the past couple of days (see previous TA). Price is attempting to make support at previous resistance of around $40K, where there the bulk of volume accumulation begins as well as notably the 0.5 fib retracement from local low to local high. If this level holds as support, then new ATHs don't appear to be too far away in the near future.
The 4hr picture remains similar, with a couple of extra factors taking effect. The previous upwards sloping long-term resistance turned support is again acting as local resistance. The support-trend line of the broadening wedge (from the past two weeks) may well now act as support. Similar to before, $38-40K is likely to be re-tested if price can't move above $44.5K horizontal resistance.
Price movement is otherwise playing out as expected. After a 85% move to the upside from $28K to $53K (+$25K), price has now corrected 50% of this move to the $40K levels (-$13K).
The 50 Week MA continues to rise and is now priced at $38.7K, where in the long-term price would likely bottom if the bears push price down any further.
The time to sell the mid-term trend was the $50Ks in order to buy back in the $30-40K accumulation. The time to take profits as a hodler was $60Ks or never. Now it's time to buy the $38-40K support before further upside imo, while others dream of sub $30K prices again that will likely never arrive ever again. Still not feeling bearish unless $36K VPVR point of control is broken to the upside.
Bitcoin dominance speculation *Trigger warning*
Personally I'm continuing to ladder into this dip with altcoin profits (as have been doing between $45K and $50K), as dominance is beginning finding support at 40% with bullish divergence on Weekly time-frame:
Sub $40K and I'll be getting more aggressively taking profits back to satoshis no doubt, as the Bitcoin dominance stands a much higher chance of a dead cat bounce (dcb) towards 50-60% if Bitcoin corrects lower. That said, October is coming and looking back to 2017 saw the 9-month altcoin rally (against BTC) end with a considerable dcb before the final pump at the end of the year in December. This is therefore currently what I'm anticipating, altcoins to bleed out against Bitcoin. Either for the dominance bounce to come from re-testing accumulation zone, or otherwise more aggressively from a recovery back to $60K.
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