BTCUSD outlook

BTCUSD outlook

We have a red zone of balance on the background in the region of 9200. It was a balance that was supported by demand from positive news from China. Resistance was provided by the line of the descending channel and the entire huge zone of weakness, which developed during the summer and was broken down on September 24.

A red circle indicates a destroyed balance. Down-bars on rising volumes marked the beginning of a downtrend that is currently in effect. This down trend is limited by the lines of channel A and B.

After a series of traps, the price reached a round level of 8 thousand. I assume that a breakdown of this level will occur soon. This will cause some panic. Please note that many “stop-loss” buyers are “hidden” under 8k. Therefore, we will see a down bar on a huge volume, and then – a technical rebound up. For example, to resistance line A. Then there will be another attempt of bears to struggle through level 8k. If it turns out to be successful, then the price drops to 7.3k. This will be good news for the bears.

This is my main scenario.

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