Bitcoin has already spent the first week of October under $65,000 trying to make it an Uptober. Rising with a great force from $60,000 on October 3, BTC failed to break the barrier at one of its All Time High zones — $64,000. It almost completed the cup and handle pattern but faced rejection and now suffering in the $62,000 area. Let’s explore what is happening and what we can expect from it in the coming days.
In the final phase of the “Cup & Handle” pattern, Bitcoin got a surge of over 2% which brought it to the doors of $64,000. This zone being a highly resistance area and the unavailability of liquidity made BTC retrace its steps. Currently trading at $61,176, it is still trying to capture a support which it requires very much. As we discussed in a previous article dated October 7, when BTC was trading around $63,300 that the liquidity zones appear beneath that point. This caused the largest crypto to move downwards. However, before taking a dip, bitcoin tried and penetrated the upper zone of $64,000 but failed to mark a support.
At present, the $62500 -$62800 resistance is not allowing it to pass. The confusion to move continues as the current price lies exactly in the middle of two liquidity zones. It all depends on the traders and investors to which direction the crypto will move.
Amidst all the chaos, there is a ray of hope rising for bitcoin. In the four hourly chart, we can see a double bottom is about to form. The first bottom and the middle top are all set already. If this pattern succeeds in formation which can take another 36 to 40 hours, we can see the breaking of $65,000. The latest support according to Fib lies at $61,400. For the double bottom to successfully play out, Bitcoin will have to touch $60,000 once again. And this coincides perfectly with whales shorting bitcoin as we discussed in the previous day’s analysis.
It would be bullish to expect a bearish move. It sounds absurd but it is the truth. If BTC has to make the double bottom before it can take a jump, it has to touch the bottom once again. This appears to be the reason why whales are not buying in, because they are waiting for a downward movement to buy the dip.
What are your thoughts on this? Do you feel the same?
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