The swing high formed on Wednesday was broken on Saturday along with stop losses being raided by wicks, specifically the wick on Saturday Oct 29th, at 04:00. This week we have a critical news release (FOMC) on Nov 1-2nd. Due to the USA's GDP coming back higher than expected (2.6%) and inflation coming back hotter than expected (8.2% vs 8.1%), this gives the Federal Reserve more room and reason to hike rates by 75-100bps. In doing so, I am expected all risk on assets, specifically BTC in this case to drop in price in order to attack pockets of liquidity and to take out the stop losses that lie below.
Entry = 20.8 - 20.9k
SL = 21,150 - 21.2k
1st TP = 20k
2nd TP = 19.7k
3rd TP = 19.2 - 19k
Entry = 20.8 - 20.9k
SL = 21,150 - 21.2k
1st TP = 20k
2nd TP = 19.7k
3rd TP = 19.2 - 19k
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Disclaimer
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.