Bitcoin broke out and reached 80% of the pattern price target, however it immediately broke down to support level.
This resulted in formation of a new pattern that is called "rising channel" which generally is a bullish continuation pattern!
We are looking of course on a 1h timeframe, the outcome of those are more difficult to predict, higher timeframes however don't looks so bullish as yet! The daily chard indicates that Bitcoin could go back to $28,000 support level in the next 1-2 days, then bounce of that line and move upwards around 22nd of October!
We recently had a volatile pump and now it is clear who is responsible for it!
It was Cointelegraph! They have made a false post on X, here is their clarification statement:
Dear Cointelegraph readers,
We are incredibly grateful for the support and trust you have placed in our publication over the last 10 years. We strive to deliver the most thoughtful, engaging and impactful news affecting the cryptocurrency space.
Earlier today, during routine coverage, Cointelegraph’s social media team posted a message on X without prior editorial approval stating that the United States Securities and Exchange Commission had approved BlackRock’s iShares spot Bitcoin exchange-traded fund, or ETF. This was false, the result of misinformation. The news lead originated from an unconfirmed screenshot posted by an X user who claimed it was from the Bloomberg Terminal.
Cointelegraph did not ultimately publish an article with this incorrect information, but we deeply regret posting this in error on X and the impact it has caused. An internal investigation revealed that our standard procedure for posting breaking news on social media, wherein sources are required to be verified before posting to social media, was not followed.
To read the full statement follow the link: here
This just shows how powerful Cointelegraph is when it comes to a news source, they caused Bitcoin to pump 5% you need a lot of money to move Bitcoin price to this degree! So now we can go back to my original green line and consider it still valid! The peak of the breakout is around 24th of October. lol
All The Best,
Aventurine!
