Bitcoin: A Game-Changing Week That Revived Hope!

FinKindle

28 Oct 2023 — 2 min read

What a transformational week it has been in the Bitcoin universe! The atmosphere has done a 180, and suddenly, possibilities seem limitless. A week ago, the mood was one of despondence; today, the mood is one of unbridled enthusiasm. Let's dive into this rollercoaster week.

The Backstory: A Year in Downtrend

Before diving into the latest developments, let's quickly recap the broader context:

2022 was dominated by a protracted downtrend.
However, things started looking up in January 2023 with volume bottom indications at $17.4k and a golden flip at $21k.

The Breakout: Signs and Signals

Several factors contributed to this turnaround:

A high timeframe Inverse Head and Shoulders (HTF IH&S) pattern confirmed on March 17, 2023.
A solid 25k neckline, derived from the IH&S, became a new support range.
A resistance range formed around 30k, harking back to the spring-summer of 2021.

Emotional Tug-of-War: From Capitulation to Hope

Despite these promising indicators, the market was flat:

Trading within a confined range led to discouragement.
Traders’ engagement plummeted as both time and price capitulation set in.

The Surprise Twist

Then came October 1st, when a low timeframe IH&S pattern emerged. This pattern remained valid even after an initial scare on October 13th when the neckline appeared to break. It wasn’t until October 20th that the gold flip was confirmed, much to everyone's relief and excitement.

What's Next?

Based on current observations:

Targets for the HTF IH&S have been met on the linear scale but remain unfulfilled on the logarithmic scale.
The short-term view suggests caution; if the $33,700 level breaks, a Head and Shoulders top could form on the hourly chart.

Concluding Thoughts

This week was a vital reminder that in the crypto world, fortunes can change overnight. Moving forward, be it a continued uptrend or a potential retracement, always be prepared to adjust your strategies accordingly. And if you missed the boat this time, remember: the best is yet to come.

So here's to a future filled with more such electrifying weeks in the Bitcoin and broader crypto space. Stay tuned!

Time to take profits?

So, Bitcoin's hitting new all-time highs, and the crypto buzz is louder than a lawnmower on a Sunday morning. But before you dive headfirst into the crypto craze, let's have a chat. Think of this as a fireside conversation about how to handle your crypto investments

Tools to Help You Research Your Next 100x Moonshot

In the fast-paced world of cryptocurrency, staying ahead means wielding the right tools with precision. For every investor aiming to navigate the ebbs and flows of the market, leveraging platforms that provide real-time data, insightful analytics, and an edge in decision-making is crucial. Today, FinKindle brings you an essential guide

Riding the Market Trend: A Comprehensive Guide to Smart Investing

Understanding the Market Cycle We find ourselves at an intriguing juncture in the financial world. Several indicators show us that a vast majority of assets are breaking free from multi-year bear market trends, aiming skyward. These are times when a well-informed investor can potentially secure high win rates, with over

Capital Controls: A Reaction to the Cryptocurrency Surge?

It is the year 2023, and the global financial landscape is witnessing unprecedented shifts. With a slew of banking crises and skyrocketing debt, trust in the traditional banking system is waning. Cryptocurrencies, with Bitcoin at the forefront, have rapidly gained traction, offering a tantalizing alternative to the conventional banking model.