Is Bitcoin Becoming Bullish In The Short-Term?

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Is Bitcoin Becoming Bullish In The Short-Term?

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Bitcoin Is Still Macro Bearish

We are mid-month and Bitcoin’s price predicament on the Monthly timeframe remains as it has been for most of October.

That is - below the green Range Low of the green-red range of ~$19500-$23300.

After all, BTC lost this range last month via a Monthly breakdown below green and this month it appears as though BTC is confirming this level as new resistance in what may very well be a bearish flip of old support into new resistance.

Monthly Close below green this October could be the confirmation to confirm further downside.

Resistance On Weekly Timeframe Broken?

What’s interesting about the Weekly timeframe is that the recent price action has developed in a way that has cast a shadow on a potentially bearish turn of technical events.

Because remember, last week BTC was occupying this potentially bearish Descending Triangle.

And the most recent Weekly Close occurred below the multi-month diagonal resistance (red) while price also downside wicked into the green support and held well.

Even so, the current Weekly Candle appears to be edging outside of this structure, forming beside the resistance, as if suggesting that price may be edging out for a breakout in the short-term.

Especially if a dip into the red diagonal occurs soon, as that would be a technical retest attempt.

A successful retest there could enable the next short-term move up in the short-term.

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