Bitcoin Price Analysis: The Denouement Is So Close
Let's start the analysis from the monthly chart. Unfortunately, it was not possible to finish the month at least at the level of $ 7000, which means that the September candle turned out to be bearish. Most likely, sellers will try to press through the price even lower.
The horizontal lines on the chart show all the important levels:
The price couldn't reach potentially reversal level around $6900-7100 and remains clamped in narrow range. The denouement is so close as the global triangle almost ended.
Perhaps during October and November we will still trade in this triangle. However, we need to monitor the level of $ 7,300 - its penetration is likely to be accompanied by a sharp price surge with daylight candles with a range of $ 1000 and more.
During next weeks we will wait for the realization of the figure W. Acceleration just has to occur in the breakdown of $ 7300. The cancellation of the realization of the figure can be at a price failure below $ 5750.
All important levels are marked on the chart by horizontal lines, near them the price movement will be inhibited.
This week, the flat is likely to continue. However, inside there will be interesting opportunities for entry. Also, I note that the "altcoins" have come to life - this is a positive sign for the first cryptocurrency.