BTC technical analysis outlook: More pain or relief ahead?

By MadMaxx | Psycho Crypto | 23 Sep 2020


Before we get started, how about you join my FREE Telegram channel here for on the go market updates, trading insights, news and signals?

Now that you've done that, let's get into the analysis.

Previously, I would do an analysis for about 4 coins. But today, I thought I'd narrow down on  the king of crypto: BTC.

This decision is also because it's unsafe to buy any alts right now. Don't listen to anyone on this platform telling you to buy. You're probably better than them at analysis.

A BTC chart for your eyes:

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BTC didn't do much today. Apart from a quick tap on the sellside liquidity (marked in red), we didn't have much of a move.

BTC remains uncertain on LTFs, but is still pretty bullish on HTFs.

A look at the monthly for instance would let you in on some important info: BTC simply retested a yearly downtrend line. This in itself is very bullish.

Now what do I expect from BTC tomorrow?

Personally not much. Wednesdays have historically been slow days for BTC, with Thursdays having a dump and Fridays having tiny rallies heading into the weekend which is filled with scam moves to both sides.

Tbh, the entire crypto market right now is uncertain.

That said, I do expect BTC to either chop tomorrow or move straight to the range low before we see any serious move in either direction.

But for now, I remain flat on BTC, with no active positions. I'm patiently waiting for the direction to be clear, and then I'll strike while the iron is hot.

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MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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