Blockhead Says: BTC Push Up, Then Fade & Pullback

27 September 2022

Today, I’ve got my eye on the Bitcoin hourly chart – price broke higher today, and as was anticipated in yesterday’s note, has formed a U-shaped base and is challenging the breakout level aggressively. 

The preferred view remains for a push to around US$23,000 and then a fade and pullback over the next month or so. 

Ethereum’s dead cat bounce of last week has resolved and price is similarly pushing higher now.  I would be watching for a rally in Gold now too – price may well be emerging from a 20-week cycle low.

Christopher Grafton
Christopher Grafton

Chris has been working in the markets for over 15 years variously as a broker, analyst and researcher. He is the author of a well-known book on Hurst cycles analysis, and runs his own market analysis software platform on Bloomberg. He’s also a keen student of both the cello and Brazilian Jiujitsu.

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