Bitcoin’s Wobbly Waltz: Will It Trip or Tango to the Top? 💃🕺

by

Well, I say, old bean, after Bitcoin’s rather spiffing performance on Monday, what with it reaching a new all-time high, it’s now decided to take a bit of a breather, what? Like a chap who’s had one too many at the club and needs to steady himself on the banister. Already, it’s dipped just below $120,000-a bit of a wobble, if you ask me. The question on everyone’s lips: is this the bottom, or shall we expect further tomfoolery? The next horizontal support, you see, is at $118,000, but whether it’ll get there is anyone’s guess. 🧐

The Trendline Tango: Will It Break or Bend?

After that jolly good show earlier in the week, the $BTC price has had the market in a bit of a tizzy, salivating like a spaniel at the thought of another upward jaunt. This current retracement, though, looks rather like a chap pausing to tie his shoe before dashing off to the next soiree. In the 4-hour chart above-which I’m sure you’re all squinting at with great interest-one can observe a downward trend, with a candle wick that’s almost tickled the 0.382 Fibonacci level. Could this be the local bottom? One can only hope, what? 🕺

The first sign of a change in this rather dreary affair would be a break of the descending trendline, confirmed by a jolly good hop above it. This, of course, would be validated by the Stochastic RSI crossing back up and the RSI itself giving a cheerful wave goodbye to its downtrend line. Fingers crossed, eh? 🤞

The Inverse Head and Shoulders: A Bullish Ballet or a Flimsy Farce?

In the daily time frame, it’s all about this inverse head and shoulders pattern-a bit like a chap doing a rather elaborate dance. The right shoulder, you see, is looking a tad petite, but that doesn’t mean it’s all off. In fact, it suggests the buyers are rather keen, not letting the price drop further before stepping in. A bullish scenario, if ever there was one. The key, though, will be a decisive close above the neckline with a bit of volume to back it up. 🎩

Now, a spot of concern: the left and right shoulders ought to take roughly the same amount of time to form, but the right one seems to be in a bit of a hurry, forming in a week or so, while the left took over four weeks. This could mean insufficient consolidation, leading to a weaker breakout or, heaven forbid, an invalidation of the pattern. A bit of a pickle, that. 🥒

It’s Now or Never: Bitcoin’s Parabolic Pas de Deux

The weekly chart for $BTC, old sport, shows the entire bull market-a jolly good ride, if I may say so. Higher highs and higher lows, all very spiffing. The green arc illustrates the smooth parabolic movement, getting steeper by the day. Four touches of the 8-year ascending trendline have been made in quick succession, compared to just one in 2017 and another in 2021. The curve is rising into the trendline, and the space for price action is narrowing. 🌀

Yes, there could be a further slide from here, but with the price resetting after becoming overbought, an oversold condition is approaching. It’s now or never, old bean. Two paths lie ahead: a tumble through the parabolic curve into a bear market, or a break above the ascending trendline into a potentially colossal blow-off top, the final hurrah of the bull market. Which will it be? Only time will tell. 🕰️

Read More

2025-10-10 13:17