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#Bitcoin is entering a bullish seasonal period through to the end of the year. Could this offer us long opportunities?
Watch the video to learn more…
Weekly Chart
In this video update we are going to discuss the potential opportunity to see Bitcoin rally. As we can see from the seasonal chart the market typically finds a low through the end of September to the start of October where the market tends to rally until the end of the year. The price currently seems to be following the seasonal pattern and the recent rally saw prices move back to the major highs.
Looking at the weekly chart from a technical point of view we can see that the market is currently rejecting the major highs. If we were expecting the price to move within typical trending conditions we would look for the market to retrace and retest the previous weekly highs at $53k. However, the market may not retrace this deep as we are in a bullish seasonal period.
If the market however, does reach these highs we have a high reward to risk opportunity to see the trend continue back to the major highs.
The 1hr Chart
This trading time frame however shows us that the market has recently found support after failing to break the key daily head and shoulders reversal pattern. If this pattern fails we will most likely see the market continue to push higher in line with the seasonal bias.
We can see that the market has recently broken through a consolidation zone and if we were to see a retest and buyers step back in, we could look for a long opportunity back to the swing highs.
See our latest USDCAD update here.
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