My Follow Crypto Traders,
Appreciate you taking the time to view my analysis, in which I hope you may find it beneficial. Please be sure to “LIKE” if you indeed find my analysis useful and/or find my analysis intriguing.
Also, I’m new to charting game and the crypto space. So, if you have any constructive criticism or tips, please share.
Cheers & Happy Trading!
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ANALYSIS:
BTC seems to be gearing up for a strong move. However, the question is, in which direction? BTC has just undergone an ABC correction, which would imply price action to the upside. Thus, BTC would make another attempt at testing the $11.5K resistance level. From my personal observation, BTC favors numbers 3 and 4. Therefore, BTC usually breaks resistance on either the 3rd or 4th re-test. So, I am predicting that we may fall and re-test the $10.9K support levels, which seems to be a region of high value before the end of October. A correction to a region of high value would be healthy, which would induce a move orders of magnitudes greater and break through the $11.5 region and on to
13K after the election. This narrative would only play out if we see the 9ema cross below the 20ema on the daily timeframe, so keep an eye out. Being that this is crypto in which there is a narrative where we can see BTC dip after a failed re-test of the $11.5k resistance either right before or after the election, and full the CME gap.
*Note: Any stimulus news would be a huge catalyst to the upside. So, keep your ears to the street regarding stimulus news. Also, we are seeing institutional money flowing into the market, which if this continues, it can also be a catalyst in the market. Especially, since there is a fear of high inflation.
KEY
Green = 4hr timeframe resistance/support
Blue = 3hr timeframe resistance/support
Red = CME Gap
Appreciate you taking the time to view my analysis, in which I hope you may find it beneficial. Please be sure to “LIKE” if you indeed find my analysis useful and/or find my analysis intriguing.
Also, I’m new to charting game and the crypto space. So, if you have any constructive criticism or tips, please share.
Cheers & Happy Trading!
---------------------------------------------------------------------------------------------------------------------
ANALYSIS:
BTC seems to be gearing up for a strong move. However, the question is, in which direction? BTC has just undergone an ABC correction, which would imply price action to the upside. Thus, BTC would make another attempt at testing the $11.5K resistance level. From my personal observation, BTC favors numbers 3 and 4. Therefore, BTC usually breaks resistance on either the 3rd or 4th re-test. So, I am predicting that we may fall and re-test the $10.9K support levels, which seems to be a region of high value before the end of October. A correction to a region of high value would be healthy, which would induce a move orders of magnitudes greater and break through the $11.5 region and on to
13K after the election. This narrative would only play out if we see the 9ema cross below the 20ema on the daily timeframe, so keep an eye out. Being that this is crypto in which there is a narrative where we can see BTC dip after a failed re-test of the $11.5k resistance either right before or after the election, and full the CME gap. *Note: Any stimulus news would be a huge catalyst to the upside. So, keep your ears to the street regarding stimulus news. Also, we are seeing institutional money flowing into the market, which if this continues, it can also be a catalyst in the market. Especially, since there is a fear of high inflation.
KEY
Green = 4hr timeframe resistance/support
Blue = 3hr timeframe resistance/support
Red = CME Gap
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.
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.