Quick Bull Market Update

Hey guys, let's talk a bit about the monthly opening for #BTC because we had an amazing move on Sunday, but it was almost entirely negated by the following days.

#BTC opened on Sunday at 26,960, reached a high of 28,344, and closed at 27,989. On Monday, it hit a high of 28,623, but it also dropped to a low of 27,276. The following day, it reached an even lower low. However, on Wednesday, it started moving again. The reason was probably because it attempted to reclaim Monday's highs since it had already swept the lows.

If you watch the candles carefully, you might notice that it is making a lot of effort to go higher, but it gets rejected and goes lower with a lot of ease. It took 6 candles to reach 28,117, and only 1 candle to go to 27,360, which is lower than the starting point of the rise.

That means that the entire move is probably weak, and it won't go higher, but it has to first go a lot lower before it can start rising again. For me, the reason behind the whole move is, on one hand, the agreement that the government and the Congress reached to avert a government shutdown in the US, and on the other hand, the hype that was going around at the end of September that October would be a month with high returns and a lot of green candles. I believe we already had those green candles, and that was the top for the month.

So for those waiting for the bull run to start, we are not at that point yet. Maybe the beginning of 2024 will be better, once the hype and anticipation of the halving start to kick in and the Fed shows signs of stopping its hawkish stance.

Posted Using LeoFinance Alpha