Market Analysis by Dr. Arnout ter Schure covering: BTC/USD, Bitcoin. Read Dr. Arnout ter Schure 's Market Analysis on Investing.com
), bottomed out on August 5 at $49,202, rallied overlappingly until the end of the month, and sits as of writing at around $56,644. An 15% gain in a month in the crypto world is not the most awe-inspiring rally, to be honest.
However, BTC/USD is still well below its declining Ichimoku Cloud, 10-day simple moving average and below the declining 20d, 50d, and 200d SMA. Thus, the chart trend is still 100% Bearish, and the Bulls have a lot of work left to do. ” Regrettably, this is still the case. Namely, the Bulls' third warning level is holding, but we will have to look for the $40000s again if it fails. See Figure 2 below.In that case, the August rally was most likely a B-wave bounce, and a final C-wave to ideally $44-48K should be expected for an even more protracted W-X-Y correction than we already have at the August low.
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