BITCOIN UPDATE| Bullish and Bearish Outlook| Things to Consider

19 Eyl 2023

Hi guys,

Full TA in the video as usual. Some notes:
Remember to hit the BOOST. Every boost/like is appreciated.


This is a follow-on from the previous video where we look to see what bitcoin is doing and what's likely to happen next.  I have been working on my TA presentation and getting things organised into folders which hopefully you will appreciate (Tradingview can you introduce nested folders).

Here we look at the current price action but also look at the longer term outlook and both bullish and bearish scenarios.  Unfortunately it's hard to get everything across in 20 minutes so I will look to do another video which includes and analysis of the indicators in the next 24 hours.

To me both bullish and bearish ideas are in play and we should find out in the next 4 to 6 weeks the direction of Bitcoin.  Remember that the TA doesn't take into account any news catalysts which you need to be on the lookout for with so many applications for ETF'S.  

Right now my thoughts are that bitcoin will put in a lower high and confirm a new downtrend with a possible head and shoulders in play which we have spoken about before.  Should this happen the key thing to look out for is the supporting trend line and whether this holds or not.  A breakdown of this supporting trend line would put the head and shoulders and bearish outlook in play.  See video.

The bullish outlook is interesting - let me know your thoughts on that one as it could take us right up to the Bitcoin halving.


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This is not trading advice.

Thanks for taking the time to watch the video.

Be patient and stick to your strategy!

Please hit the boost button if you like this update.



Thanks

SIMON BPOI