R🦊miz v2.ع
R🦊miz v2.ع 2 minutes reading from Bitcoin

Price Analysis for Bitcoin and NFA #DYOR $BTC

A complete October analysis for Bitcoin and probabilities NFA DYOR BTC

(A thread) 🎯💸📝

On macro level, BTC is in a bearish from Nov 2021 and we are just catching little bounces and relief rallies.

- heavily impacted by resistance line

- making lower highs (LH) all the way

- next possible LH is at 21600

- Not a strong reaction at 18125 (green highlight)


What are the options?

- as I said, 18125 doesn't look a strong hold, so this may not be the bottom.

- the possibility of making a LH at 21600 will be the key

- as soon as BTC goes there, close your spot/longs and take profits or at-least partial


What if it breaks out?

- Highly unlikely, but we hav seen much volume in recent days.

- If it breaks out, always open spot/long at breakout and retest.

- this resistance line is dated way back from Nov 2021, so there will be multiple support test (flip)


Where is the bottom?

- no TA can give you the exact value, but definitely we can mark certain levels

- 16200/13970 are the two key support levels. That we can consider as bottom.

- 16200 will also sweep the new lows, confirm the bullish divergence.


The purpose of the thread is

- stay flexible, change your bias to bearish or bullish as per the price action

- don't anchor yourself for 1 strategy, if you are in loss, change it. Rather than sticking to it

- Always have a plan for entry and exit of the trade


This post is based on this twitter thread.


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