Bitcoin Is Making Its Move – Crypto Piece
Bitcoin Is Making Its Move – Crypto Piece
Bulls Are Back In Town
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“Uptober” Is NOT Canceled
Consensus is often wrong. This is something we also highlighted in our last Crypto Piece (found here).
Towards the end of September, everyone on Crypto Twitter was excited about “Uptober” (bullish October). But October started with a pullback and within the first 10 days, a lot of people (like the example below) started talking about “Uptober” being canceled.
This was a very telling sign that the bullish froth was cleared up.
Moreover, the bullish technicals were still intact, October’s statistical data highlighted in the last article and our proprietary Cycles Forecast highlighted in the last article (found here) also showed upside bias from 10th October onwards.
Since the 10th October’s bottom, Bitcoin has already put in a double digit rally. Price is above the 9, 21 and 55-EMAs, with all 3 EMAs sloping up, MACD is bullish, Supertrend is bullish, RSI has room to run-up more. This is looking very promising!
The key now is to have a weekly close at or above $68.5k level, which would signal an “all-go” sign for the bulls.
On pullbacks, the key levels to defend in increasing order of priority (last one being the most important) are:
$62.9k (daily 21-EMA)
$61.9k (daily 55-EMA)
$59.9k (Supertrend support)
An important factor that we had also highlighted in our last Crypto article when BTC was $62k (found here) was the high level of liquidity around $71k - $73k and also around $34k - $35. We had bet on the upper region of liquidity getting taken out first (refer to screenshot from the previous article). It looks like Bitcoin is doing just that!
Ethereum Following Suit
Even though Bitcoin is looking bullish, a lot of people have lost hope on Ethereum, but NOT us! We still believe in a new ATH (above $5k) for Ethereum this Crypto bull cycle.
Recently, Ethereum pulled back to its Supertrend support and saw a move up that has been able to reclaim the daily 55-EMA at $2550.
Now, this is how the picture looks for Ethereum:
1) Price above daily 9, 21 and 55-EMAs
2) Supertrend is bullish with its support line recently being respected
3) Lots of room for RSI to run-up
4) MACD is bullish and about to cross the 0 line
This is the type of confluence that typically leads to more upside. The next level of resistance to break (a very important one) is $2825. That would then put the $3550 level back in play.
In the event of a pullback, the key levels (in increasing order of priority) are $2430 and $2325.
In the Premium Section next, we’ll first quickly revisit our proprietary Cycle Forecasts for Bitcoin and Ethereum since they were spot on in calling for upside from 10th October onwards.
Then, we’ll go over an important on-chain data point to look at what long-term Bitcoin holders are doing. Next, we’ll show you an October fractal that will give you an important directional insight for the rest of October.
Lastly, we’ll cover the altcoin market and show you some eye-opening similarities that will help you understand why we’re very bullish on altcoins in Q4 2024.
Find our membership cost/benefits below. If you’re serious about Making Money (our primary goal at Cycles Edge), then the Premium Sections are key for you!
