House of Cards
Crypto Compass 58
“Patience is bitter, but its fruit is sweet.” — Jean-Jacques Rousseau
Following last week's fall from highs above $25k, BTC price has battled to maintain its position above the $26k support level. The Risk Signal has returned to an upward trend and is now in the 40s, confirming the volatile environment.
This largely trendless market can be ascribed to a lack of liquidity and apathy from regular investors who are afraid to capitulate if falls rally below the $25k support level.
BTC's price failed to break through the $27.5k resistance and began a new fall. BTC fell below the $27k and $26.5k support levels, entering a bearish zone. It trades below the $26.5k mark and the 100 hourly Simple Moving Average. On the upside, immediate resistance is approaching $26.2k.
A break and closing below the $26k mark might push the price much lower, possibly to the $25k level. However, October is often a very bullish month for BTC so a rally could be on the cards.
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