Bitcoin Testing the Top of the Range

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If you had not noticed, bitcoin has been ranged bound for nearly a month now. That range is bascially 30k to 41K, give or take a few hundred points.

The 30L level has been touched and tested multiple times and after the last successful hold, bitcoin price has grinded up to 40K, where it battles resistance as we speak, topping out just shy of 41K earlier today.

Like a bowling alley lane with bumpers...

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Looking at the chart you can see the two trendlines identifying our current range, and bitcoin is just bouncing back and forth like a ball going down a lane with bumpers installed in each gutter.

There really isn't much else to it until we see a break of 41k or 30K, with the former being bullish and the latter being bearish.

A bullish break gives us upside to the 45-46K area and then 50K as next targets. A bearish break is downside of 23k as the initial target.

In the meantime, price is just consolidating.

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18 comments
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I have been feeling hopeful that the El Salvador news would serve as a catalyst for a change in sentiment, away from the wall of FUD we've been seeing for a few weeks. And now Elon "watch-me-manipulate-Bitcoin" Musk is making positive noises again. Makes it sound — at least to me — like the psychological tone supports an upswing more than a downswing.

=^..^=

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Yeah, the FUD has weened and the positive news doesn't seem to be pushing price much. Either way, a break of 41K and things should look pretty.

Curatorcat, it is so fitting to curate the scaredy cat! Thanks!

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Yeah... the bumper bowling is the perfect analogy. I'm so curious to see if the Taproot upgrade in November (releases Smart Contracts on Bitcoin) will have any baring on price... my guess is... probs not.

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Interesting, I don't know that BTC even needs to do that. Just let it be digital gold is my opinion. Plenty of other blockchains for smart contracts.

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Yeah, I think it's great that the Bitcoin miners unanimously agreed on this upgrade (there have been previous upgrades that have caused wars and hardforks) and that a range of issues are being solved... but I agree. The speed and fees related to Bitcoin make me wonder how a DeFi on the BTC chain would work in practice.

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Time for upside breakout. It needs to catch-up with the S2F model. It has also an appointment for $288,000 per coin by the end of the year 😁.
It can also continue its correction and I have nothing against that... Either I'm bullish and the bull market is definitely not over. Lots of bears will squeezed in the next couple of weeks.

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288K by the end of the year! That would be a dream scenario. I hope it happens, but I personally don't think we see 100K by year's end even.

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Hopefully the range will now be between 40K and 50K so that next month it will return to the 60K range.

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