Yesterday Bitcoin formed a bullish daily candle close above the yellow resistance line around $63.9k. However, there was no bullish breakout and Bitcoin dropped back down into the yellow channel again. Bulls are attempting to push the price back above $63.9k again for another attempt to form a bullish breakout. This is looking like a failed breakout for Bitcoin. I think the price likely trends down, and bulls want to hold the price above $61.1k to maintain bullish sentiment. If Bitcoin starts dropping here Altcoins will also drop, presenting one more buying opportunity in early October. I’ve been saying this is the likely scenario, but bulls have been putting a lot of buy pressure and making it hard for the price to drop.

Bitcoin formed a bearish daily candle close. There is a pattern of alternating days emerging (1 green day followed by 1 red day). I’m monitoring to see if Bitcoin manages to form a green day tomorrow, or whether there will be some downside as we approach the end of Sept. Economic data will be announced tomorrow and Friday, that data will be important to watch to see if the soft landing narrative persists.

Strong rebound forming for Bitcoin, likely from the China stimulus news.

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