I think the market already gave us the shakeout before the real $BTC move.
Look at the daily chart. Around the October 2 NFP release, BTC became extremely volatile. The U.S. jobs report came in much weaker than expected, only 29,000 jobs were added versus roughly 90,000 expected and BTC initially pushed above $87,000 before giving back the move.
That rejection did exactly what these moves usually do psychologically: traders who bought the breakout got scared out, while others flipped bearish after seeing the red candle.
But now look at what $BTC is doing. Instead of continuing lower, price is slowly rebuilding above the $84,000–$85,000 area. The selling momentum has cooled and the candles are starting to recover.
My trade plan remains LONG.
TP: $87,500
SL: $83,967
Monday is the part I’m watching closely. If BTC keeps holding this area and buyers return with the new week, I expect those small recovery candles to turn into a stronger push toward $87,500.
The NFP volatility cleared the weak hands. Now I want to see whether $BTC takes back the exact move that scared everyone out.
#BTC
#NFP
Look at the daily chart. Around the October 2 NFP release, BTC became extremely volatile. The U.S. jobs report came in much weaker than expected, only 29,000 jobs were added versus roughly 90,000 expected and BTC initially pushed above $87,000 before giving back the move.
That rejection did exactly what these moves usually do psychologically: traders who bought the breakout got scared out, while others flipped bearish after seeing the red candle.
But now look at what $BTC is doing. Instead of continuing lower, price is slowly rebuilding above the $84,000–$85,000 area. The selling momentum has cooled and the candles are starting to recover.
My trade plan remains LONG.
TP: $87,500
SL: $83,967
Monday is the part I’m watching closely. If BTC keeps holding this area and buyers return with the new week, I expect those small recovery candles to turn into a stronger push toward $87,500.
The NFP volatility cleared the weak hands. Now I want to see whether $BTC takes back the exact move that scared everyone out.
#BTC
#NFP
