MARKET UPDATE - 16TH OCTOBER, 2024
Added 2024-10-15 20:27:02 +0000 UTCHello my friends,
Since yesterday’s market update, I’ve been pretty much glued to this chart.
If you’ll open it, you’ll see that I’ve added red and white squares to the chart. You’ll see that the white squares indicate each time a higher high was made (BTC went higher that the previous top before correcting, indicated via red squares). We have had this happen three times so far. BTC making a higher high and everyone saying the downtrend has been broken. Same things goes for higher lows. But since we are currently at a crucial resistance (yellow arrow) let’s concentrate on higher highs for now.
As I said on numerous occasions, we need to see a weekly close above $71,000 to confirm a bullish reversal. Until then, BTC could be doing what it’s done three times in the past since this downtrend began with the red and white squares (shown on the chart). Breaching $71,000 would give us technical proof that this time BTC is acting differently since the beginning of the macro downtrend.
The coming days will perhaps finally clear up if we get a reversal or not and clarify if October will indeed behave as it always has historically when it’s in a bull market. It’s been the most bullish month in the past decade. The only times that wasn’t the case was when BTC wasn’t in a bull market.
We wait.🤜🏻💚🤛🏻
Comments
Thanks Rob.
Masteron-blade
2024-10-15 23:35:20 +0000 UTCThank you for the frequent updates King 💚
ArcaneWealth
2024-10-15 23:13:29 +0000 UTCThx 🙏
Coectroik
2024-10-15 22:21:23 +0000 UTCSo we basically need new ATH ? Anything below is hope?
Juan Vives
2024-10-15 22:17:41 +0000 UTCCheers N🤝🏻💚
Rob Art
2024-10-15 20:43:25 +0000 UTCYeah, that’s why I mentioned it’s important to have a weekly close at the indicated level🙂
Rob Art
2024-10-15 20:43:13 +0000 UTCThanks rob.
Noynie
2024-10-15 20:41:54 +0000 UTCThey would be yes, but if you look at where we are right now, it’s the same situation as the last three times. Micro highs that then result in new lows. People are currently saying we have a higher high, but they did that the last three times too. We wait for a confirmation. For now it’s not there.
Rob Art
2024-10-15 20:37:35 +0000 UTCSorry just watched it again, but if you look at the weekly chart it looks different
Guvy
2024-10-15 20:36:32 +0000 UTCWould the white squares not be lower highs?
Guvy
2024-10-15 20:28:42 +0000 UTC
