Gabriel Allie – Get ready for BTC to breakout next week
With BTC beginning to test the high price point of the current wedge we are coming to the end of the trend. Therefore, BTC will be making a decision which direction it will be breaking out by roughly October 16 (the day I will be doing a live trading demo at Digital Asset Strategies Summit). When miners stop being profitable (which is when BTC is below $6,000), it gives them great incentive to keep the price above the lower channel where we have been seeing the current support level (between $5,800-$6,200).
Additionally, we are consistently seeing higher lows providing confirmation of upward buying pressure leading to a likely potential breakout to the upside. Therefore, I believe we will see a move upward and BTC breaking the $7,000 range by the start of the conference.