Consider how BTCUSD knifed violently lower on September 7. Then consider the lack of follow-through on the , 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 50-day ( ) rising up through the 200-day . That’s a “golden cross” that undid the death cross from mid-June.
Finally, the crash pushed down to oversold levels from which it’s now recovering. The bulls may also need a few more days for to start rising. But overall BTCUSD has behaved well following the recent crash (consistent with extreme negativity).
The correction may be over sooner than you might otherwise think.