Bitcoin – $17,300 in October!

Hi all!

I found another super-realistic scenario that confirms that the bottom could be as early as this month. Locally, I made a couple of mistakes in accordance with the chaos trading approach on the 1-hour timeframe. I will continue to explore chaos in trading, but today let’s use classic TA tools.

Using the 1D timeframe allows you to analyze the medium-term scenario. If we look at the last 3 months, the price has found support at monthly S1 levels every time. This is a reference line that is often respected, so I use it in my analysis from time to time. I would like to point out that in October S1 is at $17,300, just $200 below the low point of this bear market. A small lower low is an ideal setup for a reversal. In this case, we will see enough fear to activate panic sellers while at the same time providing liquidity to large players. Moreover, the lower low may indicate the end of bearish wave 5, which, in combination with MACD divergence, will strengthen the buy signal.

Best regards, Ivan