$BTC Fell 6% in a Day Into the Jobs Report. Hold $75K or Break?
BTC is near $75,600, erasing the post-midterm bounce above $80,000. A Nasdaq rout set off about $1.1B-$1.25B in liquidations, almost 90% of them longs. Before you buy the dip, here's the full picture.
Support: $75,000, then $73,000
Resistance: $76,000, then $78,000 and $80,000
Bull: reclaims $76,000 and $78,000 after the jobs data, then $80,000 and the $80,700 high.
Base: ranges between $73,000 and $78,000 while volatility settles.
Bear: loses $75,000 and falls to $73,000, then $68,000.
TRADE IDEA
Don't catch the knife into a data release. Wait for the report and for support to hold.
Entry: $74,000-$75,200
Stop: daily close below $72,500
Target: $78,000, then $80,000
Risk/reward: about 2.8:1 to the second target
Keep leverage low.
RISKS
• Stock-market spillover, with the Nasdaq down about 5.5% and the VIX up about 70% in a day
• ETFs saw about $430M of outflows
• Services inflation is rising and the Fed is on hold at 3.75%-4%, so rate-cut hopes are fading
• BTC briefly broke its 50-week average and is at its lowest since Sept 16
MY TAKE
Crypto is trading as a risk asset right now, not a safe haven. Wait for the data and for $75K to hold. Buy support with a tight stop, don't catch the knife. Patience beats FOMO.
Would you buy the dip or stay out?
Not financial advice. DYOR.
#bitcoin
$BTC
BTC is near $75,600, erasing the post-midterm bounce above $80,000. A Nasdaq rout set off about $1.1B-$1.25B in liquidations, almost 90% of them longs. Before you buy the dip, here's the full picture.
Support: $75,000, then $73,000
Resistance: $76,000, then $78,000 and $80,000
Bull: reclaims $76,000 and $78,000 after the jobs data, then $80,000 and the $80,700 high.
Base: ranges between $73,000 and $78,000 while volatility settles.
Bear: loses $75,000 and falls to $73,000, then $68,000.
TRADE IDEA
Don't catch the knife into a data release. Wait for the report and for support to hold.
Entry: $74,000-$75,200
Stop: daily close below $72,500
Target: $78,000, then $80,000
Risk/reward: about 2.8:1 to the second target
Keep leverage low.
RISKS
• Stock-market spillover, with the Nasdaq down about 5.5% and the VIX up about 70% in a day
• ETFs saw about $430M of outflows
• Services inflation is rising and the Fed is on hold at 3.75%-4%, so rate-cut hopes are fading
• BTC briefly broke its 50-week average and is at its lowest since Sept 16
MY TAKE
Crypto is trading as a risk asset right now, not a safe haven. Wait for the data and for $75K to hold. Buy support with a tight stop, don't catch the knife. Patience beats FOMO.
Would you buy the dip or stay out?
Not financial advice. DYOR.
#bitcoin
$BTC
