BitcoinThe market structure shows signs of alignment with the cycle, which could defer a bottom to October. The focus is shifting as technical signals come together. This will determine whether the timing marks a continuation of the current correction, or if it marks the beginnings of a more robust rebound.
The Macro picture is still bearish at $99,000
A new perspective shared on X, analyst TARA provided an update on Bitcoin’s price action, stating that “the fight continues”Internal : “waves are such a mess right now.”The present situation reflects an extremely complex market where the short-term Technical signals for short and medium term are conflicting: The current trend can be categorized as bullish while the long-term outlook is bearish.
The analyst pointed out that Bitcoin was supported by a technical cluster that is defined as a 0.618 extension, and an 0.854 level of support. A confluence like this indicates that the buyers were decisive. TARA emphasizes the significance of this hold, stating that if Bitcoin had dropped any lower, it would have “invalidated any short-term bullish scenarios.
Bitcoin, in spite of its short-term power, has not yet tested the resistanceTARA points to this level as the immediate target if price can successfully turn around and continue its current upward trajectory. TARA flags the $114,400 level as an immediate target for the price if it can turn the corner and continue to move upward. TARA ends with a reminder of the bearish macro-trend, and that the target price for the entire correction is still $99,000.
Time Cycles Point To Bearish TK Cross Formation
Dr. Cat in recent footage updateThe’s explained that the reaffirmation of the low from September 25th at $108,652 on September 28th after would be an important signal for Bitcoin. This would be a sign of a continued bearish trend. market may not find a bottom before October 1st, with the possibility extending toward October 3rd (±2 days) based on the daily chart outlook.
It is likely that if this low were to be revisited the Kijun Sen will turn down, resulting in a Tenkan Kijun (TK), bearish cross. The Chikou Span is also positioned so that it appears to be preparing its own bearish crossover, which further reinforces the likelihood of continued downward movement. pressure.
Dr. Cat reminded her followers of an analyst’s prediction from three weeks ago, which stated that a market bottom could not be anticipated before October. This earlier analysis was based on the monthly charts.
Now the monthly chart and the daily chart are aligning. This would be the confirmation if Bitcoin did indeed renew the September’s low in the timeframe stated. bearish continuation.
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Source: www.newsbtc.com
