“What if they gave a war and nobody came?” was a popular saying with protestors in the 1960s. Something similar could be asked of Bitcoin today: “What if they gave a selloff and nobody came?”
Consider how BTCUSD knifed violently lower on September 7. Then consider the lack of follow-through on the daily chart, with prices quickly holding their lows from just three weeks prior. It was a wasted opportunity for the bears, showing a lack of interest in lower prices. A lot of sound and fury, signifying nothing.
The $42,900 level BTCUSD held is important because it almost exactly matches the February 28 low when prices were consolidating before their push toward $60,000. Old support returns to become new support again.
The next big pattern is the …