So, Bitcoin is in the process of consolidating and correcting off of the recent record high that was established just ahead of 125,000 in mid August.
At this stage, the market should see setbacks well supported on dips, ideally into a previous resistance congestion zone roughly in the 110,000 area. If we do see any weekly close below 110,000, that would delay the outlook.
But until then, a higher low is sought out for the next major upside extension beyond 125,000 and towards the next target area at 150,000 further up.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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