I previously had given an a technical analysis back when the price was $29,400 back on Aug 15 2023, and a follow up on Sept. 25th where the price was $26,400. Now lets see if my short call was a proper one, about 6 weeks later.
...and you can read that post here.
https://steemit.com/bitcoin/@jaimebetamax/5bppwj-pondering-out-loud-re-bitcoin-also-has-etf-fomo-as-sec-does-their-job-a-technical-and-fundamental-pov
...and you can read Pt 2 here
https://steemit.com/hive-175254/@jaimebetamax/54fzqj-pondering-out-loud-re-bitcoin-also-has-etf-fomo-as-sec-does-their-job-a-technical-and-fundamental-pov-pt-2
Looking at the BTC price today its higher at $34,500 and I did say a pump to about $30k was possible in the last analysis. There has been a lot of crypto joy the last few weeks and yes we have all been here before. The SEC is still having fun and making things in ETF world a tough ride as it does its job and that action just so happens to cause uncertainty, and that's still bearish.
The buy signal when the RSI was oversold gave a proper move to the current price, which is great but now we have to take profits and wait for that buy which can still be potentially about $17k, an auspicious number if you ask me.
As we can see on the chart above that this is a sell signal on the RSI and it still does not show divergence so there could be some time before it falls, more thank likely to make room for the next assault on crypto which is actually just a regulation process. I would still anticipate an actual move off of the bottom in mid November back towards that pesky ATH.
BTW once I get my Steem power up I will be able to delegate it to Project Hope for divs, help me out yall!