2024/11/03
Daily 4XSetUps - $66000 BTC1! Terrain Cleared For Firing Up/Down
“last week all of this year's annual highs were briefly reached!
was that just a straw fire? bulls end? beginning for bears?”
After we briefly reached a new historical high in our
BTC1! in day trading on Tuesday, the bears got their appetite on Wednesday, Thursday and Friday last week - and drove up the price action of BTC1! back to under $70000. What we would say in boxing is basically a short-term “impact hit” from a psychological and philosophical point of view! Or? No knockout (yet)! But I can't and don't believe that it won't leave any traces? Was it just a flash in the pan? Are the bears taking over the terrain now? Or will the bulls get back on their feet? And all this during the week of the 2024 US presidential election...$74415 - 2024/03/14 - high of March 2024
$73380 - 2024/04/08 - high of April 2024
$72660 - 2024/06/07 - high of June 2024
$70825 - 2024/07/29 - high of July 2024
$69730 - 2024/11/01 - last price action
This is the price action that the bulls should recapture after this initially euphoric and ultimately disappointing week. And that as quickly as possible - because the longer it takes, the more the bears are likely to get a taste for it again. Because this terrain, as we've been trying to describe for days, is something like a crossroad for our
BTC1! is. A flash in the pan - that attracts or drives away bulls and/or bears? Either way - we'll see it...“If you don’t look on yourself and think, ‘Wow how stupid I was a year ago,’ then you must not have learned much in the last year.”
Ray Dalio
$69730 - 2024/11/01 - last price action
$69335 - 2022/04/12 - 1st Historical Alltime High
$68045 - 2022/11/08 - 2nd Historical Alltime High
$62470 - 2024/08/02 - GAP Top Line Before Last SellOff
$62470 - 2024/08/05 - GAP Down Line Before Last SellOff
$66996 - 2024/11/01 - 20 SMA hl/2
$62758 - 2024/11/01 - 100 SMA hl/2
$62009 - 2024/11/01 - 200 SMA hl/2
These are the most important price actions for this week - on the bottom of the terrain, around $66000. Which we bulls have to defend. Because a fall below $60000 is entirely possible - and that would generate a large sell signal. Because then all the euphoria of the ongoing year 2024 will probably dissipate. And so the bears' mouths will start to water.
However, I wouldn't be surprised if we fell below $60000.
Because it is the biggest week of the year - which has an external influence on the price action. And not just on our
BTC1! but on all price actions on the financial market, in every asset class. Let's not kid ourselves - there are not only US presidential elections this week, on Tuesday. No, the Fed will decide on yours on Thursday. Which is why I wouldn't be surprised if we got the BTC1! would experience under $60000 this week!? Yes, again above new old all-time highs!?With best wishes
and with good intentions!
Aaron
“daily 4XSetUps - …” is pure information material!
By trying to give you even more information about some trading capabilities to trade and/or invest in some securities. This post is not a call to action - it only provides information. You decide (not) to decide. Even if I am writing daily 4XSetUps with concrete entry prices, target prices and/or also stop prices! It is like it is - like I said; You decide to respond to the analysis I just formulated to buy, to sell, or to do nothing! More information about my approaches to investing in something specific or just trading it, or even just describing it, can be found in the daily "Another 48h - DXY ...! Analysis Post. Where I try to track the price action in
DXY every day so that we learn something new daily.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.