Bitcoin: The Correction that Never Was?


“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 …

For more, please click here to view the related idea and chart analysis on TradingView.

Bitcoin, daily chart with selected patterns, courtesy of TradingView.
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