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
5/N NFA DYORThis post is based on this twitter thread.