Bitcoin – The Break was North…
Bitcoin is up $3500 so far today at the time of writing. This means that it was able to break through the local trendline. By doing so, we can now look to the much larger trendline and the upcoming local resistance areas.
These areas are identified on the chart below. As far as Price Action is considered – If Bitcoin can breach 53K and hold it there for a while then we can remove the current building of a downtrend by invalidating the previous high – HOWEVER – Be on the lookout for a potential Double Top in that area.
A Double Top will share resistance with a previous local high Horizontally. Then the whole thing comes crashing down. So there are some hurdles in the way for Bitcoin and it will be very interesting to see where Bitcoin closes today – the Beginning off the weekend and the First day of October.
In other news – the testimony that is shaking the world right now – Powell – the Fed Chairman has just stated that the United States has NO intention to BAN Crypto like China.
And just like that – life is a little better than it was yesterday.
Also in the news – El Salvador is mining crypto with a Volcano…
El Salvador has mined 0.00599179 bitcoin, or about $269, with power harnessed from a volcano, in a first for the country.
Bukele indicated in his tweet on Friday that the mining project was still a work in progress and that they are in the process of “testing and installing” new mining equipment.
DYDX and OMG are still worth watching –
There are some lower timeframe champs that are trying to make a move. We will be watching those as well.
AVAX, ALGO, SOL, AXS are all breaking some local areas – not enough time for confirmations or volume but they are worth watching for interesting levels of Support and Resistance.