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CRYPTO MECHANIC
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Everyone Is Calling For Bear Market
When October started, everyone was all hyped about Uptober, and then as soon as we got one or two red candles, everyone panicked, thinking the market had topped out. Let me tell you one thing: whenever the market hits a top or a bottom, it’s always an unexpected event. Nobody really knows when the market has peaked or bottomed out, and people who claim to know the next move are just guessing. Sometimes guesses work out, sometimes they don’t. So keep that in mind: no one knows where the bottom is, and no one knows where the top is.
Anyways, in this article, we’ll talk about Bitcoin whether the bear market is starting or not. We’ll look at the charts, and based on what the charts are showing, we’ll see if there are any signs pointing to a bear market or if Bitcoin is heading to $60k, as some people are predicting. So let’s dive into the charts!
BTCUSD (Weekly)
When it comes to a bear market, we’re basically look at the higher time frame trend. Obviously, if we predict a bear market, it means that the structure has shifted, and we could be heading that way.
Now, if we look at the weekly chart, we can clearly see that Bitcoin has been making higher lows and higher highs, and the last higher low is around $98,000 to $100,000. So, long story short, if we look at the structure, Bitcoin’s trend is still bullish, and it will remain bullish as long as we don’t see a weekly candle close below that $98,000 level. That means, based on the weekly chart, we don’t really have any data indicating that we’re heading into a bear market, because the structure is still bullish.
In other words, when we talk about these things, there’s a difference between speculation and data driven analysis. If we’re just guessing, we might say the market has topped out. But if we rely on the data, the data shows that as long as Bitcoin remains above $98,000 on a weekly closing basis, it’s still bullish
BTC Weekly SFP
The weekly chart is starting to look more interesting now price failed to hold below $107K, meaning that dip was likely just a fake-out or a liquidity grab.
Weekly fake-outs have had a major impact on price before. The last one happened above the $125K highs, and after that, BTC saw a deep pullback while altcoins experienced a historic drop.
So just like the fake-out above the highs sent price back down to the lows, I wouldn’t be surprised to see some upside from here as long as we don’t get a weekly close below $107K. That area now marks a clean fake-out zone and potential base for a move higher.
BTCUSD (Daily)
The same $107k seems to be a key zone on daily as well. As long as price holds above that $107k i think we can see some more upside on BTC. Probably into $115k. I do not want to have higher targets based on the daily chart because the daily structure is still bearish on Bitcoin.
Pullback will be an opportunity as long as the price holding above $107k
This is pretty much it for this week's update. I still think we are bullish and i do not have any reason to be bearish on BTC.
Let me know your thoughts.
Anyways, in this article, we’ll talk about Bitcoin whether the bear market is starting or not. We’ll look at the charts, and based on what the charts are showing, we’ll see if there are any signs pointing to a bear market or if Bitcoin is heading to $60k, as some people are predicting. So let’s dive into the charts!
BTCUSD (Weekly)
When it comes to a bear market, we’re basically look at the higher time frame trend. Obviously, if we predict a bear market, it means that the structure has shifted, and we could be heading that way.
Now, if we look at the weekly chart, we can clearly see that Bitcoin has been making higher lows and higher highs, and the last higher low is around $98,000 to $100,000. So, long story short, if we look at the structure, Bitcoin’s trend is still bullish, and it will remain bullish as long as we don’t see a weekly candle close below that $98,000 level. That means, based on the weekly chart, we don’t really have any data indicating that we’re heading into a bear market, because the structure is still bullish.
In other words, when we talk about these things, there’s a difference between speculation and data driven analysis. If we’re just guessing, we might say the market has topped out. But if we rely on the data, the data shows that as long as Bitcoin remains above $98,000 on a weekly closing basis, it’s still bullish
BTC Weekly SFP
The weekly chart is starting to look more interesting now price failed to hold below $107K, meaning that dip was likely just a fake-out or a liquidity grab.
Weekly fake-outs have had a major impact on price before. The last one happened above the $125K highs, and after that, BTC saw a deep pullback while altcoins experienced a historic drop.
So just like the fake-out above the highs sent price back down to the lows, I wouldn’t be surprised to see some upside from here as long as we don’t get a weekly close below $107K. That area now marks a clean fake-out zone and potential base for a move higher.
BTCUSD (Daily)
The same $107k seems to be a key zone on daily as well. As long as price holds above that $107k i think we can see some more upside on BTC. Probably into $115k. I do not want to have higher targets based on the daily chart because the daily structure is still bearish on Bitcoin.
Pullback will be an opportunity as long as the price holding above $107k
This is pretty much it for this week's update. I still think we are bullish and i do not have any reason to be bearish on BTC.
Let me know your thoughts.
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.