#BTCUPDATE - 4.OCT.21
FAKEOUT & RETURN TO CONSOLIDATION
A strong rejection at $49.2k brought the price directly back into the continued consolidation triangle and now back to awaiting which direction is going to be confirmed.
Unfortunately an unfilled weekly pivot has a appeared that usually has a high chance of being filled - so it can be looking like a bearish break out at this stage. Some more positive news from the US government would certainly help sway things but right now not looking great.
A break up of $48.5k will almost certainly take us to $50k and a break down of $47k can realistically take us to $45k.
I would not be trading until confirmation of direction.
FAKEOUT & RETURN TO CONSOLIDATION
A strong rejection at $49.2k brought the price directly back into the continued consolidation triangle and now back to awaiting which direction is going to be confirmed.
Unfortunately an unfilled weekly pivot has a appeared that usually has a high chance of being filled - so it can be looking like a bearish break out at this stage. Some more positive news from the US government would certainly help sway things but right now not looking great.
A break up of $48.5k will almost certainly take us to $50k and a break down of $47k can realistically take us to $45k.
I would not be trading until confirmation of direction.
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