BTC October forecast and overall market update
4th September we released a technical analysis on the market with the main focus on BTC. The price was trading at 7200, and we predicted a drop all the way down to 5900, BTC lowest price ended up at 6100 just 4 days later. https://medium.com/@norwayconfidentialgroup/btc-september-analysis-and-overall-market-sentiment-89d5a22ec0f2 check out the top part of the article for the analysis.
Not much have changed in the space of crypto lately, same goes for btc. On a technical aspect we are nearing the end of the triangle, also called, Apex. This will be the deciding point of btc, hopefully we breakout and a bullish scenario starts, or we break below, and 3k will be a viable option to consider once again. Remember the date 15th of November, as it’s the last day of the apex.
On a shorter timeframe we are once again bearish on btc, as it´s creating a very typical ascending triangle, with a double resistance on top. The possibility of a break out is always there, but we see this as an unlikely scenario, and thus, have drawn up ghost predictions for a bearish scenario. Shorts will be filled as it climbs a little more in price, target is anything under 6300$.
We’ve seen some of the biggest moves coming from the more well known coins such as Ethereum, Ripple and most recently Bitcoin Cash. Even with these moves it seems confidence in alts is still low, and not much strenght have been shown by the bulls.
Ethereum was the first one out with it going 52% within 10 days and touching 255$ at its highest.
Ripple has been the biggest gainer when it comes to the top altcoins with it going 214% also within 10 days and reaching 0.79$ at its peak, which it has not seen since 11th of May.
Against BTC it touched an even more significant level at 11.750 sat which it has not seen since 15th of February, a span of 218 days has gone by since the most recent time it was at this price.
Bitcoin Cash only needed 8 days for its run of 44%. Still showing weakness, after touching a heavy resistance (previous support)
For the coming days we believe a drop down in btc is the likeliest scenario, further more we are watching the apex closely and will continue to update as btc reacts to these levels. On the positive side, we have seen various altcoins going 10–50% with the big caps having the most stable rise. The market is currently trying to gain some momentum for Q4, and these are the milestones that must be hit.