There are several things that have us more constructive $BTC. First, the monster rally in 2017 started right around 9/15. Market's love symmetry. So, a big move begin now, repeating what happened in 2017. Next, the recent full moon shows up in our Gann cycle work as a date that creates a bullish time window (not shown).
Looking at a 50 period moving average on a 2D chart and Fib speed resistance lines, we see two levels that stand out: $10,400 and $11,000. If $BTC can hold around $10,400 or break above $11,000 in the next week, that could create a major up move. Conversely, if there is a major decline in $BTC that could set up a big down move. So, net-net, there could be a big break either way in the next 10 days.
Bottom Line: We see $BTC set up to make a move. Based on charts, our bet right now is that the move would be to the upside. You may want to wait until after equities open, but if you are bullish $BTC, we think you can take a shot.
Fundamentally, people need to get money out of the Middle East and Hong Kong. If oil goes to $80, that could impact equities and drive fund managers toward $BTC as an alternative asset.
Looking at a 50 period moving average on a 2D chart and Fib speed resistance lines, we see two levels that stand out: $10,400 and $11,000. If $BTC can hold around $10,400 or break above $11,000 in the next week, that could create a major up move. Conversely, if there is a major decline in $BTC that could set up a big down move. So, net-net, there could be a big break either way in the next 10 days.
Bottom Line: We see $BTC set up to make a move. Based on charts, our bet right now is that the move would be to the upside. You may want to wait until after equities open, but if you are bullish $BTC, we think you can take a shot.
Fundamentally, people need to get money out of the Middle East and Hong Kong. If oil goes to $80, that could impact equities and drive fund managers toward $BTC as an alternative asset.