BTC TO 99K OR MORE?Its indeed UPTOBER, BTC Broke the Trend to the upside, I'm excited to see this progress and US Election is on the way. This will be the era of the Crypto Elections. Lets see how this unfolds.
Uptober
UPTOBER ENDS Bitcoins monthly close is behind us and it's an interesting one...
For most of the last day of the month BTC was above the previous monthly close high of $71,413.40. However, Bitcoin failed to close above that level coming up 1.67% short.
Despite this the monthly candle is very strong, historically October is a good performer hence the "UPTOBER" nickname and this time around was no exception with an +11% move. I said in a previous post that a retest of the '21 ATH @ $69,000 is possible and likely, in the last 8 months BTC has routinely rejected off this level with no acceptance above, just SFPs galore. This is the chance to retest and accept as new support. that would set up a move for ATH and above.
Q4 so far has been positive, we know that this month will be a strange one as the US election is in a few days and can sway markets so volatility can be expected. In the end I think the trajectory is new highs by the end of the year.
Chainlink Price Poised for a Breakout: Can $LINK Reach $13?Chainlink ( BIST:LINK ), one of the most talked-about cryptocurrencies in the blockchain space, is showing signs of a potential breakout this October. After a volatile few months, the token has seen steady gains, rising from $10.60 to $11.13—a nearly 4% increase within the last week. This upward movement, alongside promising network developments and technical indicators, has investors speculating on whether the token can surpass the $13 mark in the near term.
Technical Outlook: Chainlink’s Path to $13
Technically, Chainlink’s price action presents both challenges and opportunities. The token is currently trading below its 200- and 100-day moving averages (MAs), reflecting a cautious market sentiment. However, the narrowing of the Bollinger Bands suggests a breakout could be on the horizon, with $13 as a potential upside target. Additionally, the MACD indicator is converging into a positive territory, hinting at a bullish momentum that may push the price higher in the coming days.
Despite some recent bearish signals, including a 2.53% decline as of this writing and a moderate RSI of 50.03, the token has held strong above key support levels. The next major test for Chainlink ( BIST:LINK ) will be overcoming the $12 pivot, a point seen by analysts as a significant resistance. If BIST:LINK breaks through, it could solidify the move to $13, especially given the bullish environment often associated with "Uptober"—a historically favorable month for cryptocurrencies.
Drivers of Chainlink’s Growth
Chainlink’s recent network upgrades and strategic partnerships are driving its price momentum. The introduction of staking has boosted investor confidence, offering them an opportunity to lock up tokens and earn rewards, reducing the circulating supply and increasing scarcity. Moreover, Chainlink’s Oracle services, which provide secure and reliable off-chain data to smart contracts, have expanded with the integration of Secure Mint.
The adoption of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) by major players like Ronin, the gaming-focused EVM blockchain, is further strengthening the network’s ecosystem. As more platforms adopt Chainlink’s technology, the demand for LINK tokens continues to rise.
Whale Accumulation and Market Sentiment
Chainlink’s whale activity has surged, which is often a bullish signal. According to data from Santiment, the number of large BIST:LINK holders has increased from 489 to 502 in early October. Whale accumulation typically indicates that major investors expect the price to rise in the future, reinforcing the narrative of a potential breakout. Additionally, increased active addresses and transaction volumes reflect growing interest and usage of the Chainlink network.
Increased whale activity also raises the possibility of a short squeeze. Many traders currently hold short positions, and if Chainlink ( BIST:LINK ) can break through the $12 resistance, it could force short sellers to cover their positions, leading to a rapid price increase.
Potential Risks and Support Levels
While Chainlink’s future looks bright, there are risks to consider. The token remains vulnerable to broader market corrections, and a failure to hold above the $10.27 support level could see it retrace further, potentially to the $9.50 mark. Additionally, its underperformance compared to Bitcoin ( CRYPTOCAP:BTC ), which has seen stronger gains in recent days, highlights the possibility of more bearish moves if the overall market sentiment shifts.
However, if Chainlink ( BIST:LINK ) can continue building on its network upgrades and overcome key technical hurdles, the stage is set for a strong October performance, with $13 well within reach.
Conclusion: Is Chainlink Set for a Rally?
As of now, Chainlink is positioning itself for a potential breakout above $13, with the technical indicators and fundamental drivers both supporting an optimistic outlook. Increased whale activity, low exchange reserves, and major network developments all contribute to the bullish sentiment around the token. While the token faces immediate resistance at the $12 pivot, a successful breakout could set Chainlink on a bullish trajectory for the rest of October and beyond.
UPTOBER: Bitcoin’s Pump and Higher Low FormationSince May, Bitcoin has been trapped in a bearish price structure, characterized by lower highs and lower lows . Every attempt to break out was met with resistance, pushing the price lower. However, after the August lower low , Bitcoin began a reversal , producing two consecutive higher highs and higher lows . This shift is crucial because it indicates a bullish price structure, meaning the market is finally beginning to move upward again.
While a small reset in Bitcoin’s price from $66K to $60K was expected and I stand here to say, I was wrong and I apologize to fail giving you the other side of the apple for being bearish during my live stream and other documents and shot calls, the retracement was largely influenced by external factors, specifically the geopolitical tensions in Israel. Even though the pullback occurred earlier than anticipated, the market structure remains bullish, and we could soon see Bitcoin break through the $68K resistance level. As the chart shows, Bitcoin has created a solid foundation for this next leg of the rally.
Bitcoin Falls Marking the Worst 'Uptober' in Nearly a DecadeMarket Update - October 4th 2024
Takeaways
Bitcoin fell following the news of Iran’s retaliation on Israel, and the election of Japan’s new prime minister: The decline comes after a recent rally spurred by the Federal Reserve's rate cut.
Net inflows into global crypto funds reached $1.2 billion last week, marking their largest increase in 10 weeks: US-based spot bitcoin ETFs contributed $1.1 billion in these inflows, while Ethereum products ended a five-week streak of outflows by adding $87 million.
Changpeng Zhao, founder of Binance, was released from prison after completing a four-month sentence for failing to establish money laundering controls: Zhao paid a $50 million personal fine and is no longer allowed to hold executive positions at the company.
Ohio State Senator Niraj Antani introduced a bill that would require all political subdivisions in Ohio to accept cryptocurrency payments for state and local taxes: The proposal also allows state universities and pension funds to invest in cryptocurrencies, positioning Ohio at the forefront of crypto adoption.
More than 94% of FTX's Dotcom creditors voted in favor of a reorganization proposal: The proposal would see 98% of creditors receiving at least 118% of their claim value.
🥩 Topic of the Week: How Can I Make Returns or Rewards on My Crypto?
🫱 Read more here
Bitcoin Enters ‘Uptober’ After Exiting Q3 Flat: What to ExpectCrypto traders are keen to see another ‘Uptober’ — a term coined by the community to describe the outsized gains in Bitcoin prices for October. Historically, in eight of the last 11 Octobers the original cryptocurrency has pulled ahead big time. So what’s it gonna be this time? There’s a lot to unpack — let’s ride.
Bitcoin prices BTC/USD signed off for September at just over $63,000 per coin, with a modest (by crypto standards) 8% rise . But if you zoom out to wrap up the third quarter, you’ll see that prices stayed flat, tight-lipped and straight up boring. Bitcoin barely realized a gain — it went up by less than 1% for the September quarter but seesawed like there’s no tomorrow.
In true crypto fashion, the fire-breathing beast feeding on volatility went as low as $49,600 and as high as $70,000 — a wide gap of 40% from top to bottom. All who’ve been in crypto long enough are familiar with the stomach-churning volatility that can make even the most disciplined traders doubt their choices.
Speaking of volatility, traders are now bracing for what’s historically shaping up to be a solid month for Bitcoin gains. October, dubbed by crypto faithful as “Uptober,” is already here and brings with it a whole new wave of expectations.
Here’s why that is:
October 2023 — Bitcoin was up 27% .
October 2022 — Bitcoin was up 6%.
October 2021 — Bitcoin was up 40%.
October 2020 — Bitcoin was up 30%.
October 2019 — Bitcoin was up 10%.
October 2018 — Bitcoin was down 5%.
October 2017 — Bitcoin was up 50%.
October 2016 — Bitcoin was up 15%.
October 2015 — Bitcoin was up 38%.
October 2014 — Bitcoin was down 12%.
October 2013 — Bitcoin was up 69%.
What you see is that October performance is a thing — traders are already on the edge of their seats in anticipation of the next leg up. But before that, there’s a mosaic of data that needs to pan out.
Nonfarm payrolls (NFP) data (drops October 4): The good old jobs report will show how many new workers joined the US economy in September. Fairly low expectations this time — Wall Street is eyeballing 144,000 new jobs, about the same as the previous month . The NFP figure will be complemented by the unemployment rate, expected to stay flat month-on-month at 4.2%.
Consumer price index (drops October 10): US inflation is another big report that is likely to shake up the crypto landscape . For September, prediction gurus expect inflation to keep moving toward the Federal Reserve’s 2% target from an August clip of 2.5% . Lower inflation is good for solidifying prospects of interest rate cuts. And that is super good for the broader investment world, cash flows and overall liquidity across markets.
Retail sales (drops October 17): retail sales are a solid measure of consumer spending. The more people buy expensive watches and things they don’t necessarily need, the better reading this report will carry. In other words, a strong retail sales figure will breathe more confidence in investors looking to jam cash into risk assets (yes, crypto included ).
All that good stuff is likely to shape the trajectory of Bitcoin prices. But — and maybe even more important in the long run — these three data dumps will help the Federal Reserve decide if it’s a good idea to chop down the interest rate and how much, following the super-sized 50-bps slash . Rate moves and broad monetary policy decisions are likely to have an impact on Bitcoin, which has been increasingly sensitive to macroeconomic winds.
For the technical minds, there is an interesting technical analysis pattern that might be worth looking into. A descending parallel channel is in the works, tracing its origins back to March 14, 2024. Fun fact: that’s the all-time record high for Bitcoin when prices peaked at more than $73,000 a pop .
Since then, prices have been gradually losing their momentum, painting lower highs and lower lows. The latest bottom (September 6), which has provided enough resistance for a solid bounce, is sitting at $52,500. The next potential leg up is expected to take the price all the way up to around $67,000 in the short term, while the next potential leg down could pressure prices to a fresh low of $51,500 in the medium term.
As traders set their sights on "Uptober," excitement is in the air, but it's not all confetti and moon rockets. October has a track record of delivering some big numbers, yes. But keep in mind that it’s not just a monthly performance number — behind it is an underlying force that has powered the price. So, should you blindly trust in historical performance? You could. But more importantly, you’ll likely be better off by preparing for what’s coming.
BEAM- the Top Crypto Gaming Project?BEAMUSDT – Breaking Out and Aiming for New Highs! 🚀
📈✨ BEAM is Up 7% Today - Can We Hit $0.05? 💹
BEAM is one of my top picks, and today it's up 7%, bringing us to $0.02. Having scooped up some BEAM at $0.005, we’re sitting comfortably now. If you're in this trade, make sure to take some profits to cover your initial investment.
I see a small breakout above $0.020 with my next target being $0.027. From there, I’m eyeing the orange level just under $0.050 for a larger profit-taking opportunity. With BEAM now over the $1 billion market cap, be mindful of potential whale activity as we push toward the next targets.
Volume remains modest, which is good news for now, but keep an eye on potential pullbacks to the $0.013 support level.
Let’s see if this breakout has the legs to reach our targets!
One Love,
The FXPROFESSOR 💙
Ready to Soar higher? Very likely in Uptober, yes!📈💥 SEI on the Rise - Is $1.10 Next? 💹
Happy "Uptober," everyone! SEI is showing strong momentum, up 3% today and already 100% higher from the $0.23 support, which marked a great entry for us. After a period of consolidation, I’m expecting an explosive move toward $0.60–$0.67 and eventually $0.77.
If SEI can break into the larger structure (parallelogram), we could be looking at $1.10, with the longer-term target of $1.50–$1.72 on the horizon. With China's rate cuts injecting billions into the markets and potential moves by the Fed, things are looking bullish.
SEI’s high-speed blockchain platform, engineered for Web 2.0 and packed with scalability and security, is one of my top picks. Currently ranked 53rd, SEI has the potential to break into the top 20 and possibly even the top 10 with continued development. October might just be the month to make this happen.
Let’s see how this unfolds. Stay tuned for more updates!
One Love,
The FXPROFESSOR 💙
Up 46% Since Last Entry. What's next?
🔥📊 SUI Surges 47% Since September - Is $3 Next? 💥
Since my last post on September 19th, SUI has soared by 47%, moving from $1.31 to the current $1.88. We’re now approaching the first major resistance at $2.03, where I'll be considering taking some profits. However, the next big target is at $3.02.
For more details on mid-term targets, be sure to check out my previous chart linked below. As always, October tends to be a historically strong month for the markets, so this momentum could continue.
Stay sharp, and let’s make the most of it!
One Love,
The FXPROFESSOR 💙
Main chart and levels:
Uptober Mode? - Will We See the Big Breakout?
📈🔥 Altcoins Ready for Uptober? 60% Breakout Probable! 🚀💥
It's been just 11 days since my last post, with TOTAL3 sitting at $584B. Now, as we step into October (or should we say "Uptober"?), the market cap has surged to $629B—almost 8% higher!
The chart is signaling a potential breakout at the $645B level, with a 60% probability given the current macroeconomic factors, including easing from China and potential interest rate cuts from the Fed. However, there are alternative scenarios: a 20% chance for sideways movement and another 20% for a drop back to $592B support.
This could be a pivotal moment for altcoins. What do you think? Let’s make the most of this exciting month!
One Love,
The FXPROFESSOR 💙
Big chart and previous (well timesd) breakout post here:
GRTUSDT - October Set to Ignite the Next Big Move?
🚀🔥 GRT Poised for a Breakout - October's Momentum is Building! 💥📈
Welcome to Uptober! As we enter a month historically favorable for crypto markets, GRT is shaping up for a potential breakout. We’ve moved from $0.15 to $0.18, and this 15-minute chart shows strong bullish signals, backed by key support levels.
I’m keeping my primary target at $1.97, with an ambitious moonshot scenario of $13.7! Stay tuned—this could be the moment we’ve been waiting for as October unfolds its magic. 📊🌕
Let’s make the most of it!
One Love,
The FXPROFESSOR 💙
ps. we keep our eyes on the charts as we live in nasty world and we can never relax, FUD or FOMO.... charts first: 0.1641 is a level that if someone must be adding to their position not subtracting!
October Picks: Stacks (STX) Gearing Up for new ATHs
📈🔥 October Picks: Stacks (STX) Gearing Up! 💥📊
Kicking off October with a promising setup! Historically a strong month for crypto, and Stacks (STX) is already up by 4% today. The chart reveals an ascending channel, with a rejection at 1.943.
Key Levels to Watch:
Support: 1.789 and 1.735
Breakout Zone: 1.95
Next Target: 2.76 🚀
This month, I’ll be sharing some of my favorite chart setups early on, so stay tuned for more picks coming soon! For more insights on STX, check out my previous analysis .
One Love,
The FXPROFESSOR 💙
Big chart and targets here:
Bullish breakoutMcade (Metacade) picked up liquidity around $0,005. A new week started very good and made a higher high. If we stay above the $0,007 and close at the end of the week above $0,007, more upward movement expected in UPTOBER!
Bearish Outlook on USDT Dominance (USDT.D)Hello Everyone! 👋
I hope you’re all doing well. I’ve shared my thoughts on the USDT.D price in the chart below. I believe this analysis could be useful for your trading decisions.
📈 Rationale:
Market Dynamics:
A decrease in USDT dominance typically reflects a shift in investor confidence toward altcoins, leading to increased liquidity and buying pressure.
Technical Analysis:
Recent price action indicates weakening in USDT.D. Indicators such as support a bearish outlook.
Impending Breakout:
A break below 4.28% to 4.31% could trigger swift market reactions, providing ample trading opportunities.
CRYPTOCAP:USDT.D
Best Regards
BTC Sept - Dec Historical Returns#BTC has performed very interestingly during September - December months.
Almost every single year had a make or break movement.
Check out the returns for every year
Given the very long reaccumulation / retracement that started in March this year, I expect some very impulsive movement towards the 90k region, which will mark the 5th wave, and start the 3rd wave for altcoins
ADAUSDT looking bullish long-termADAUSDT is looking oversold on the weekly chart, with the FSVZO indicator signaling a bullish divergence, Trend Intensity Exhaustion signaling a long entry, Amazing Oscillator on the verge of turning bullish, and the crypto seasonality being Uptober, it is safe to say that the probabilities of ADAUSDT rising over the next few weeks is highly likely
Bitcoin (BTC) technical and fundamental analysisThe price of Bitcoin has entered the 4-hour Imbalance zone, as we warned in all our recent ideas. Consequently, the price has broken above the global descending trendline and moved out of the previous price range. This BTC rally is associated with a significant accumulation of short positions, with the total volume of shorts reaching up to 85% compared to longs. During the upward impulse, short positions totaling over $100 million were liquidated.
Currently, we anticipate trading within the 4-hour Imbalance zone to fill gaps in horizontal trading volume levels. If the price fails to consolidate itself above the resistance block, it's likely go to correction of the recent upward impulse to the 0.61-0.78 Fibonacci levels. During this correction, it may also retest EMA50 and the descending trendline.
However, if buyers manage to maintain their strength and continue the upward movement, we anticipate a test of the next significant resistance block around the psychological level 30,000.
📉 Global view of the Bitcoin market
On the daily logarithmic chart, Bitcoin's price is testing the intersection of the 200-day and 200-week moving averages. If it consolidate above these moving averages, the next target for the upward movement could be a retest of the upward trendline above which lies the 1-week Imbalance zone. In this zone, gaps in horizontal trading volume levels need to be filled. However, to achieve this, buyers will need to overcome the significant resistance block at 30,000-32,000.
It's important to note that the RSI indicators on the 4-hour and 1-day timeframes are already entering the oversold territory, indicating a potential trend reversal on the horizon.
Additionally, it's worth remembering that the Bitcoin price has not yet fully played out the breakout from the bearish wedge pattern. Furthermore, there hasn't been a proper correction of the entire uptrend since the beginning of this year. These factors suggest that the market may still experience significant volatility and potential price movements in the near future. Traders should closely monitor these and be prepared for various scenarios.
Levels long positions:
23,000 - level of the cost zone control point (POC)
22,000 - 0.61 Fibonacci retracement level
20,000 - 0.78 Fibonacci retracement level
17000-19000 - Imbalance zone 1H
Levels for short positions:
29,000-30,000 - 0.78 Fibonacci retracement level
32 000-35000 - Imbalance zone 1W
36,000-38,000 - zone of possible retest of the trend line
40,000 - psychological resistance level
The index of fear and greed is in the neutral zone - 50.
The total capitalization of the cryptocurrency market increased to $1083 billion, and the Bitcoin dominance index increased to 50.53.
According to the analysis of the accumulation of large blocks in order books, the supply and demand zones are located at the following levels:
🟢 Demand zone: 20000 - 26000
🔴 Offer zone: 29000 - 32000
📊 Fundamental analysis
Historical data has shown that October has traditionally been a favorable month for Bitcoin price growth. Currently, there's an active hashtag campaign on social media called #Uptober, indicating optimism among cryptocurrency enthusiasts for a positive trend in October.
Large investors continue to accumulate Bitcoin. According to on-chain analysis, addresses holding between 10 and 10,000 BTC are accumulating coins. This suggests that institutional investors remain bullish on Bitcoin.
In the world of U.S. politics, a compromise bill was passed, preventing a government shutdown at least until November 17th. This news has provided support to all risk asset markets, including cryptocurrencies.
The American stock market initially responded to this news with a slight upward impulse in the S&P500 index, but it was later overshadowed by a decline. Meanwhile, the U.S. Dollar Index (DXY) continues to rise. These factors highlight the dynamic and interconnected nature of the financial markets, with political developments, institutional interest, and seasonal patterns all playing a role in influencing market sentiment and asset prices.
🌐 Upcoming macroeconomic events
The following dates are expected to bring increased volatility in both the stock and cryptocurrency markets:
➤ October 3rd at 17:00 - Job Openings and Labor Turnover Survey (JOLTS) data for August.
➤ October 12th at 15:30 - U.S. Consumer Price Index (CPI).
➤ November 1st at 21:00 - New Federal Reserve interest rate decision.
Uptober is here: what it means for Bitcoin and the crypto marketAs October arrives, crypto enthusiasts and traders are gearing up for what has affectionately become known as "Uptober." Historically, October has proven to be a pivotal month for Bitcoin and the broader cryptocurrency market, with significant price movements and market-shaping events. In this article, we'll explore the historical context of Uptober, examine potential factors that could influence Bitcoin and the crypto market this month, and provide insights to help you navigate this exciting period.
Historical Significance of October in Crypto:
October holds a special place in the hearts of crypto enthusiasts due to several notable events that have occurred in this month over the years. One of the most iconic moments is the mysterious launch of the Bitcoin whitepaper by Satoshi Nakamoto on October 31, 2008. This event marked the beginning of the revolutionary blockchain technology that underpins cryptocurrencies.
Additionally, Bitcoin has experienced significant price movements during previous Octobers. Notably, in October 2017, Bitcoin's price surged to an all-time high of nearly $20,000, sparking a frenzy of interest and investment in the cryptocurrency. This bull run was followed by a market correction, but it cemented October as a month to watch for crypto traders.
Factors Influencing Uptober 2023:
While historical data provides intriguing insights, it's crucial to consider the current landscape and potential catalysts for Uptober 2023. Here are some factors that could influence Bitcoin and the crypto market this month:
Institutional Adoption: The continued involvement of institutional investors and large corporations in the crypto space is expected to play a significant role in market dynamics. Positive news regarding institutional adoption, such as more companies adding Bitcoin to their balance sheets, could boost confidence in the market.
Regulatory Developments: Regulatory actions and statements from governments around the world can have a substantial impact on crypto markets. Traders will closely monitor any regulatory news that may provide clarity or uncertainty regarding the legality and oversight of cryptocurrencies.
Market Sentiment: Crypto markets are highly sensitive to investor sentiment. Positive sentiment can lead to FOMO (fear of missing out) buying, while negative sentiment can trigger panic selling. Events like conferences, major announcements, or celebrity endorsements can influence market sentiment.
Global Economic Conditions: Broader economic conditions, including inflation concerns and geopolitical tensions, can drive interest in cryptocurrencies as a hedge against traditional financial uncertainties. Bitcoin, often dubbed "digital gold," tends to perform well in such environments.
Navigating Uptober:
As Uptober unfolds, it's essential to approach the market with a clear strategy and risk management plan. Here are some tips for navigating this exciting yet volatile period:
Diversify Your Portfolio: Avoid putting all your investments into a single cryptocurrency. Diversification can help spread risk.
Stay Informed: Keep a close eye on news and developments in the crypto space. Information is key to making informed decisions.
Set Realistic Goals: Define your investment goals and risk tolerance. Avoid chasing quick profits and be prepared for market fluctuations.
Use Technical Analysis: Consider using technical analysis tools and indicators to make informed trading decisions.
Stay Calm: Emotions can lead to impulsive decisions. Stick to your trading plan and avoid making decisions based on fear or greed.
In conclusion, Uptober is an exciting time for the crypto market, filled with opportunities and challenges. By staying informed, adopting a strategic approach, and managing risk, traders and investors can make the most of this pivotal month in the world of cryptocurrencies. Whether you're a seasoned trader or a newcomer, October promises to be a captivating chapter in the ongoing crypto narrative.
BTC: SHORT TERM UPDATE! $17K OR $21K??Hello everyone, if you like the idea, do not forget to support with a like and follow.
Welcome to this quick BTC update. I'm keeping it very short and simple here.
BTC is trading inside a symmetrical triangle in 4hr time frame where breakout or breakdown will decide the next move. IMO this consolidation will be over in the next 2-3days.
The plan is straightforward here. If BTC breaks and closes above the triangle, we see a rally up to $21k. If BTC breaks down this triangle then we see a downside movement up to the $17k level.
My bias is on the upside. I'm expecting a rally up to the $21k-$22k level in the month of October. What do you think? Share your views in the comment section.
If you like this idea then do support it with like and follow.
Thank You!
LTC/USD Upside – 9 Nov 2021Litecoin has made a clear break back above the key 200 USD level, and now we’re looking for bullish pressure to continue above the $300 level.
Upside Target: 320
Violated Below: 190
My BTC Prediction From JuneDidn't predict the move 100% accurately... obviously, but overall pretty on-point so far.
We'll see what happens for the rest of the year.
ALICE TRIANGLE BREAK SOON?A personal favorite of mine, which I believe has long-term potential (a discussion for another time). ALICE 2H time frame. A few days ago I made approx. 20% on this coin, but took profits when I saw the early formation of this triangle.
If the price breaks out, then enter a long position.
Targets:
Target 1 - 14.47$
Target 2 - 14.80$
Target 3 - 15.23$
Target 4 - 15.63$
Let me know what you think.
Trade safe!
$BTC - is it a trap?My bearish bias has dwindled significantly with this breakout
Definitely more comfortable with this bullishness than previous 50k breakout since the previous 50K breakout had more reason to be a bull trap than an actual breakout.
I was expecting a drop lower to previous support at the previous 36k area but because BTC created a new support at 40k way above 36k , proves to me that we are bullish long run.
There is little reason that I can see to retest the 40k area and all the best reason to destroy bears right now.
There is more reason to push price up to the next SR level.
Expecting to see price reach ~52k briefly touching the VaH and then retest 49-50k but I'm 60/ 40 on this move since I feel like most of it is me thinking aka wishing aka feeling aka bad for trading that this would be the best confidence building scenario for retail.
I've been falling into a lot of traps lately, so it's been on my mind a ton.
From experience I know that traps are built on hype. So far I've found that the more intense the hype, the more likely and more often.
Always a contributing factor would also be how many recklessly bullish people there are that, through their funds, are over leveraging and acting emotionally.
Emotions are what drives hype and gambling, which is great food for whales.
This hype can be somewhat measured on social media through the number and frequency of bullish posts.
Of course there are many other ways like gut, but that takes experience.
You can always sense the rising hype, which is a great indicator of market volatility. The trick is to not get roped into it.
So far I've found that if you have a good intuition for psych (and can slap yourself as soon as you get too excited) studying social media and demographic the way you would study a Wyckoff composite man could give you an edge and good feel for when the likelihood of a trap is about to happen
