BTC Update Daily TF October 26
BTC has seen a nice +10% pumping over the last two days so let's have a look at how things could unfold over the coming weeks.
Things to note:
- Hitting resistance @ 100EMA
- Next level to watch is 21.5k - 22k
- Bullish cross of 9 above 21EMA, lookout for the 9 to cross above 50
- Current macro bottom @ 17.6K has held so far
- RSI heating up on the daily & significantly OB on 4HR
The RSI, as with the rest of the majors, is heating up, indicating that we may be close to a local high here. Similar to my DXY post, we saw highs set the last time the RSI was at these levels on the daily & 4HR, so be on the lookout for that.
Two major scenarios from here:
- we set a high over the next week, sell off & create a HIGHER LOW
- we set a high over the next week but the sell-off takes us to a LOWER LOW
I can't say for sure which is going to take place, but the point I'm trying to drive-home is that I believe we are nearing the bottom.
With that being said, I do find it interesting that the SPY & QQQ both reached their bear-flag targets that we spoke about for months AND set LOWER LOWS than the June bottom, but that neither BTC nor ETH even came close to meeting their targets OR even setting new lows, which is unusual to me as the idea that digital assets that have only been around for 13 & 9 years respectively could somehow hold up better than the major US stock indexes that have been around since the mid 1900s. But hey, my mind gets blown pretty often these days.
The main takeaway here is to lookout for the results from the corporate earnings releases these next few weeks, as well as the upcoming FOMC meeting on November 2nd & keep an eye out for the next low that is formed on the risk-on assets, whether it be higher or lower I think it's going to be a buy-in opportunity.
Things to note:
- Hitting resistance @ 100EMA
- Next level to watch is 21.5k - 22k
- Bullish cross of 9 above 21EMA, lookout for the 9 to cross above 50
- Current macro bottom @ 17.6K has held so far
- RSI heating up on the daily & significantly OB on 4HR
The RSI, as with the rest of the majors, is heating up, indicating that we may be close to a local high here. Similar to my DXY post, we saw highs set the last time the RSI was at these levels on the daily & 4HR, so be on the lookout for that.
Two major scenarios from here:
- we set a high over the next week, sell off & create a HIGHER LOW
- we set a high over the next week but the sell-off takes us to a LOWER LOW
I can't say for sure which is going to take place, but the point I'm trying to drive-home is that I believe we are nearing the bottom.
With that being said, I do find it interesting that the SPY & QQQ both reached their bear-flag targets that we spoke about for months AND set LOWER LOWS than the June bottom, but that neither BTC nor ETH even came close to meeting their targets OR even setting new lows, which is unusual to me as the idea that digital assets that have only been around for 13 & 9 years respectively could somehow hold up better than the major US stock indexes that have been around since the mid 1900s. But hey, my mind gets blown pretty often these days.
The main takeaway here is to lookout for the results from the corporate earnings releases these next few weeks, as well as the upcoming FOMC meeting on November 2nd & keep an eye out for the next low that is formed on the risk-on assets, whether it be higher or lower I think it's going to be a buy-in opportunity.
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