Bitcoin: I’m going long today. This pullback was certainly painful, but I think there’s still a chance it will rally again and retest this morning’s high, with a target around 87,000.
Looking at Binance’s completed hourly candles: last night at 23:00, the high was 85,470; today at 13:00, the price briefly plunged to 85,412, but ultimately closed at 85,767.57. The price tested lower, then climbed back above last night’s high. I interpret this as buyers stepping in during the retest, providing a basis for another move higher.
So I’m betting on a rebound after this pullback. Whether it plays out depends on whether buying pressure can continue to push the price up; one hourly rebound candle alone isn’t enough.
However, this rebound candle traded about 57.6 million USDT, less than the 76.92 million during the previous hour’s decline. The bulls don’t yet have a clear advantage in trading volume. If the price touches 85,412 again, I’ll admit this bullish call was wrong.
Binance BTC/USDT spot, reference price at 14:31:43 Beijing time on October 5: 85,918; take profit: 86,999.11; stop loss: 85,412. All figures are in USDT.
— Lin Yi Free Community · Investment Research Notes
Looking at Binance’s completed hourly candles: last night at 23:00, the high was 85,470; today at 13:00, the price briefly plunged to 85,412, but ultimately closed at 85,767.57. The price tested lower, then climbed back above last night’s high. I interpret this as buyers stepping in during the retest, providing a basis for another move higher.
So I’m betting on a rebound after this pullback. Whether it plays out depends on whether buying pressure can continue to push the price up; one hourly rebound candle alone isn’t enough.
However, this rebound candle traded about 57.6 million USDT, less than the 76.92 million during the previous hour’s decline. The bulls don’t yet have a clear advantage in trading volume. If the price touches 85,412 again, I’ll admit this bullish call was wrong.
Binance BTC/USDT spot, reference price at 14:31:43 Beijing time on October 5: 85,918; take profit: 86,999.11; stop loss: 85,412. All figures are in USDT.
— Lin Yi Free Community · Investment Research Notes