Bitcoin Up Move Incoming

[Yaunfitda]

Let me know what do you think is about to happen.

This looks good, beside Fib, the short-term downward trend that has been going on since June has been broken. It should be noted, however, that the movement is not supported by volume, and there is strong resistance ahead at the levels 28.5k-29k, which may constitute the frame of the H&S formation.

Yeah, volume is weak for this run, however, it's good that we have seen some movements above $27k or even as far as going to $28k. So I guess the first resistance level will be $28k and if we go there, we will have to see if it can maintain its course or totally collapse again as just like any other retest that we have in the last couple of months.

So we have to be careful, but the situation is certainly better than in recent weeks.

We need to be very cautious, but for long term holder, I think still good to do and continue our DCA. But for short term traders, it's going to be very difficult on how to squeeze some profits down the line or at least for this month alone.

[Dave1]

This could be the start of the reverse trend, and Bitcoin needs to sustain this momentum or else another false breakout. Let’s continue to monitor the price trend because we might see more green candles this Month as most of the indicators are showing a great uptrend. If there’s more good news to support this then we can easily reach that $30k mark again.

That is the best question, we have twice or thrice reach $31k, but it seems that we can't have that sustainable run. It seems that short term speculators are making a sell in this price point, just to get some profits. So obviously, the price goes down hard again and then we goes on a another months of moving on a sideways pattern. But we can't do anything about it, I mean we are in the bear market so the chance of another great sustainable run is slim. Although if we look at bitcoin's past historical logs, October seems to be a good month and it might coincide with the technical analysis of the OP.

[davis196]

It's perfectly fine for the price to get back to 30K USD. The problem is that there's won't be any support for a price pump above 30K.
At 30K many traders and some HODLers will start selling BTC, which will push the price down to 25-27K USD.
A small price pump with 2-3K dollars isn't such a big deal. Bitcoin is volatile and such price pumps and drops are something normal.
I don't expect any major pumps in the BTC market by the end of 2023. The market will be pretty quiet, unless there are some bad news about Binance or another big centralized crypto company goes bankrupt.

[Nrcewker]

This could be the start of the reverse trend, and Bitcoin needs to sustain this momentum or else another false breakout. Let’s continue to monitor the price trend because we might see more green candles this Month as most of the indicators are showing a great uptrend. If there’s more good news to support this then we can easily reach that $30k mark again.

Yes more green candles are surely expected this month. After one or two weeks, the outcome can be seen more clearly. The chart provided by the OP have some mixed results to be honest. But yes as we can see some great green candles, so it will lead to positive news only. Moreover we also know that next year will be the most important year for Bitcoins, so yes by the end of this month Bitcoins have to cross 30k usd mark. Let’s hope for the best now.

[yudi09]

I expect it to be a fake move. For me this early month of October coming to early November, we might see price still trading lower. And then late November coming to December would be an upmove. For me we're still in a bearish trend. unless there's good economic news that would drive BTC's price higher to $32K with a fast bullish candle, only then I can tell that my initial analysis would be wrong and more likely to be on the upside.

That's how my analysis works. Embracing uncertainty. If this..then this... We're only adapting with the current market condition.

The current market action in 7 days can be seen that the graph starting 1 Oct is already above the price that occurred in the last four days of September. Market price movements don't just happen like a magician performing an act in public. Market price movements and declines can occur in different ways depending on how much demand there is.
Developing news is one of the causes of rising and falling prices, but basically rising and falling prices really depend on supply and demand.
The bitcoin market is currently trying to reach the $28k price support. If sales levels are still high, it is difficult to increase.

[BigBos]

I am quite optimistic about the price you mentioned, even a strong resistance line is visible this month. In my opinion, it is the right option if we continue to take advantage of this condition and buy at some point of correction for long-term options. Personally, I rarely check the Bitcoin charts every day, at least when I want to accumulate and determine a position to buy.

So we have to be careful, but the situation is certainly better than in recent weeks.

Seeing the movements of the last few weeks made me take a deep breath and find it difficult to determine the purchase point. Issues that affect the price are still pending so at some point I try to wait for the right time to buy.

[Poker Player]

It does look like the price wants to go up. We are having a small spike at the moment, the second in the 5 days so far this month. I think it would be about time to go above $30K and stay above it. The pre-halving months there is usually a rise that looks like it wants to reach the ATH but never reaches it, only to come back down and start a proper bull run after halving. Hopefully this is the start of that first move up.

[Franctoshi]

As the topic title says, here is a Daily Timeframe chart that shows how Bitcoin broke the resistance trendline and is now at a great 0.33 Fibonacci support level.
It will be going up for sure from here and the first target will be the 0.66 Fibonacci Level i.e. $29.4k and then $31k.



Let me know what you think is about to happen.

I'm also in agreement with the target price of 29k point of resistance after the breakout, which is in line with the 0.66 of the Fibonacci retracement, but I would have loved to see two or more daily candles closure that followed up the breakout candle but unfortunately what we got was a follow-up daily bleeding candle with a long wick thereby forming a mini resistance or barrier at 28k, Now there is a possible chance that the price may reverse in this zone without first hitting at 29k or need to gather another momentum to smash out the point.

[Fundamentals Of]

This is the daily time frame. Zooming out a little might suggest us a different possibility. I am not expecting a breach on $30,000 anytime soon, not even within the month. But I hope I'll be surprised. The month opened with a bullish note. It was just the second day of Uptober when the price went beyond $28,000. There was a correction immediately after that. The rise wasn't sustained. I was expecting that. Hours ago there was another attempt to be back at $28,000. It wasn't successful. I'm expecting the price to just dance around this level.

There is a slight, almost imperceptible upward movement on the charts, but it is too weak to be called a trend or even a correction, the 30k resistance level has been a formidable opponent and most likely this is going to remain the case for a long time, and while this could be exasperating for traders, this is great news for long term holders as they can buy bitcoin for a relatively stable price on the upcoming months and prepare themselves for the upcoming halving.

That's right. If we take a look at what happened around a month ago, the price even fell down to $25,000. Now that it has gotten back to $27,500, there must be an upward movement. Yes, slow, but could indeed be a trend as we are approaching the final months of the year.

But this doesn't mean the month of October would be about $30,000. We don't even have to talk about that resistance level. It seems the formidable resistance right now is $28,000 which is followed by $28,500. That's why I'm expecting the price within the month to just be moving sideways along this range.

[Bitcoin_people]

We are much ahead of the market, and the Bitcoin market has started to grow. In September we saw the Bitcoin market drop to around $24,000. But from there some amount of pumping moved again between $25,000 and $26,000 where Bitcoin was fluctuating. But when the new month of October begins, we see some change in Bitcoin. The Bitcoin market pumped from $26,000 to $28,000 again at the start of October. Following that we can be sure that the market can cross $31k this month as we will see if the market starts pumping. We can expect that the Bitcoin market will go well this month and we can expect the price of Bitcoin to hit $50,000 before the halving this year.

[Kemarit]

As the topic title says, here is a Daily Timeframe chart that shows how Bitcoin broke the resistance trendline and is now at a great 0.33 Fibonacci support level.
It will be going up for sure from here and the first target will be the 0.66 Fibonacci Level i.e. $29.4k and then $31k.



Let me know what you think is about to happen.

I'm also in agreement with the target price of 29k point of resistance after the breakout, which is in line with the 0.66 of the Fibonacci retracement, but I would have loved to see two or more daily candles closure that followed up the breakout candle but unfortunately what we got was a follow-up daily bleeding candle with a long wick thereby forming a mini resistance or barrier at 28k, Now there is a possible chance that the price may reverse in this zone without first hitting at 29k or need to gather another momentum to smash out the point.

There are a lot of resistance along the way, even if we get passed the first resistance at $28,1xxx, there could be rejection along the way similar to what we have been seeing throughout the last six months or so.

And with that there will be resistance along the line of:

(a) $28,4xx
(b) $28,7xx
(c) $29,2xx

RSI though is still in the middle ground, so it means that we have a lot of leg room to improved and maybe hit that $29,xxx-$31,xxx is everything goes well for this month of October.

I'm not expecting $50,000 till the end of this year though, IMHO.

[traderethereum]

I still think that the price movement will still be sideways during this month of October even though there may be a slight price increase.
But to immediately jump to the $30k level, it looks like it still takes more time and it could happen next month and throughout this month, the price will not increase drastically.
But if the price can rise this month and reach $30k, it seems like that would be the right moment for bitcoin so that it can continue to increase in the following months until the end of this year.
Everything is still a mystery and we can only predict it while waiting for the time to show us what happened.
This month is still a good month to buy more bitcoin because the price hasn't reached $30k yet so people can take advantage of it before a higher price increase.

[justdimin]

This could be the start of the reverse trend, and Bitcoin needs to sustain this momentum or else another false breakout. Let’s continue to monitor the price trend because we might see more green candles this Month as most of the indicators are showing a great uptrend. If there’s more good news to support this then we can easily reach that $30k mark again.

That is the best question, we have twice or thrice reach $31k, but it seems that we can't have that sustainable run. It seems that short term speculators are making a sell in this price point, just to get some profits. So obviously, the price goes down hard again and then we goes on a another months of moving on a sideways pattern. But we can't do anything about it, I mean we are in the bear market so the chance of another great sustainable run is slim. Although if we look at bitcoin's past historical logs, October seems to be a good month and it might coincide with the technical analysis of the OP.

I believe that the failure to keep going up and failure to keep going down is the reason why we have a smaller volatility between these prices.

We try to go up and then we end up with a limit and then we end up with failing of it and should not be all that important so that means that we are going to end up with something that would be a bit harder to handle, I get that it is not that simple and we should not be really expecting any big changes. So if we fail to go up even more, what does the price do? It goes down, that's the only result that we will get, and it is not going to end up with anything different in the future as well.

As long as we try to go up more and more, we are going to end up with a result that would be not all that successful and not going to make it change anytime soon. We just need to end up with a result that is more and more to keep it going, if we can keep it going then we are going to end up with a result that should be better.

[348Judah]

I still think that the price movement will still be sideways during this month of October even though there may be a slight price increase.

The market will definitely remain as volatile as ever whereby it rises and also falls, but the rate that it occurs will determine the side it will be vested more upon, this month will go more bull to the extend of breaking the $29,000 limit and resistance and we may probably have more than we expected to see during this period.

But to immediately jump to the $30k level, it looks like it still takes more time and it could happen next month and throughout this month, the price will not increase drastically.

The whole process happens gradually, it's not what took effect immediately or just at ones just as we found the market gradually rising from $25,000 now to about $37, 600

[Tony116]

I still think that the price movement will still be sideways during this month of October even though there may be a slight price increase.
But to immediately jump to the $30k level, it looks like it still takes more time and it could happen next month and throughout this month, the price will not increase drastically.
But if the price can rise this month and reach $30k, it seems like that would be the right moment for bitcoin so that it can continue to increase in the following months until the end of this year.
Everything is still a mystery and we can only predict it while waiting for the time to show us what happened.
This month is still a good month to buy more bitcoin because the price hasn't reached $30k yet so people can take advantage of it before a higher price increase.

From 28k$ to 30k$ is not a big gap, only 2k$ difference and nothing compared to bitcoin. I am the opposite of you, I even believe that bitcoin will reach 30k USD in the first half of October and then there will be corrections. In the medium term, I still have the feeling and believe that bitcoin will have more corrections than increases even if it hits $30k this month.

As long as the bull season has not come, it will always be a good time for us to buy and accumulate bitcoin. Even if bitcoins exceed $30k, don't hesitate to collect more bitcoins for yourself. Because once the bull season arrives, we will no longer see bitcoin priced at $30K.

[philipma1957]

It will be going up for sure from here <...>

What degree of probability do you assign to the rise? Charts, however logical they may seem, can always fail. I tend to think quite probabilistically, even though I don't rely on charts as I invest for the long term, but I trust someone's prediction if he gives a percent estimate of the next market movement according to his analysis more than someone who says that the price is going to go up for sure, which would be the same as assigning a 100% probability. We have to think that there is a world outside the analysis, and a negative news can pull the price down.

personally I think his charts comply with my miners relief rally patterns.

Check Oct 2015 to April 2016 rally into the 1/2 ing

we had a good move up starting with 33% in Oct 2015.

that would be 27k to 36k for oct 2023.  So I am hoping both of us are correct.

[fzkto]

It will be going up for sure from here <...>

What degree of probability do you assign to the rise? Charts, however logical they may seem, can always fail. I tend to think quite probabilistically, even though I don't rely on charts as I invest for the long term, but I trust someone's prediction if he gives a percent estimate of the next market movement according to his analysis more than someone who says that the price is going to go up for sure, which would be the same as assigning a 100% probability. We have to think that there is a world outside the analysis, and a negative news can pull the price down.

personally I think his charts comply with my miners relief rally patterns.

Check Oct 2015 to April 2016 rally into the 1/2 ing

we had a good move up starting with 33% in Oct 2015.

that would be 27k to 36k for oct 2023.  So I am hoping both of us are correct.

October is statistically the best month for bitcoin, but there were still exceptions to the rule when October was bloody. Just like September was usually a bad month, but this year September turned out to be green. Hopefully the inversion won't happen in October.

[CageMabok]

October is statistically the best month for bitcoin, but there were still exceptions to the rule when October was bloody. Just like September was usually a bad month, but this year September turned out to be green. Hopefully the inversion won't happen in October.

Currently or at the beginning of this month, Bitcoin is still doing quite well with the price not being as bad as the previous month. So we can expect better improvements this month, although not faster because momentary corrections still occur even though this is only limited to very ordinary market performance. But it would be logical to expect Bitcoin to return to $30K within the year with a slow increase that could strengthen it in that area before the end of the year.

[el kaka22]

At this point, it feels stuck just a little bit higher. It used to go above 26k and under 26k and keep doing that, nowadays it feels like it goes above 28k and under it and keeps doing that. It is still a good thing that we are doing it at a higher level, but it doesn't feel like it is going to be all that easy at all, we should be a lot more careful about it. I know that it will take some time, but we need to do this with 30k already.

We are on the verge of going higher if you ask me, we tried to go up and failed, but we tried to go down and failed that too so there is nothing to fear. If it keeps like this, then I think going higher is easier, convincing people to buy bitcoin is far easier than convincing them to sell it.

[STT]

The flag formation from that chart could be taken as bullish.   However its safer to wait for the break and the move up from that flag, not every pattern completes as per the handbook the world just isnt nice and neat like that.    We are in a little box and we can take the negative or positive from leaving either side of that box as a indicator of wider picture:


The 50 day average did just turn positive in the last few days, a nice match to the hopes and dreams in this pattern.  I do think actual action tends to be messy, a bit muddy but I agree after a downtrend we are due some bigger rise.  I dont yet think its the greater move many are waiting for.