We should soon know the intentions of Bitcoin’s intrepid handlers, since the corrective move off the August 11 high at 124,533 has stalled exactly at the midpoint Hidden Pivot support of the pattern shown. This was a good place to have attempted tightly stopped bottom-fishing, even if we cannot yet predict with high confidence whether the bounce will mark the end of short-term weakness, or instead just a pause on the way down. However, if BTC breaks decisively lower, that would shorten the odds of more downside to p2=98,330, the secondary pivot; or even to D=89,595 if any lower. The pattern could also mutate into a juicy ‘mechanical’ shorting opportunity with a dip beneath ‘p’ (the red line) followed by a rally back up to 115,798, the green line.
BTCUSD – Bitcoin (Last:110,196)
