$BTC bounced from 81,754 to 83,700, gaining 2.4%, and a lot of people are getting excited again. But I don’t think now is the time to chase the rally.
Three risk factors:
1: 86,000–87,000 is a strong resistance zone. On October 4, the price surged to 86,530 and then fell. It still hasn’t broken through. Until it breaks above resistance, this is just sideways trading, not a reversal. If you go long here, where would you put your stop-loss? At 82,000? That’s a 5% swing—your futures position would already be liquidated.
2: Today, $NEAR is up 10.75%, and $AVAX is up 5.63%. Altcoins have risen too quickly. I’ve said before that the most dangerous thing in a bull market isn’t a drop—it’s FOMO during a rebound. You see NEAR up 10% and chase it, then it pulls back 5% the next day and you panic. With coins like these, wait for a pullback; don’t chase after they’ve already surged.
3: Expectations of Fed rate hikes are still around, and the macroeconomic outlook is uncertain. October’s CPI data hasn’t come out yet. If it’s higher than expected, BTC could test 80,000 again. Then you’ll panic all over again.
I’ve said that pullbacks are opportunities, but you have to wait for them—they’re not something you chase. 82,000–83,000 is a support zone; consider buying if the price pulls back there. 86,000–87,000 is a resistance zone; don’t chase the rally before it breaks through.
Frequent trading will eventually drain you through fees. Wait until you’re confident, then make your move.
Are you planning to chase NEAR now, or wait for a pullback to 82,000 before buying? Let’s talk in the comments 👇🫡
Three risk factors:
1: 86,000–87,000 is a strong resistance zone. On October 4, the price surged to 86,530 and then fell. It still hasn’t broken through. Until it breaks above resistance, this is just sideways trading, not a reversal. If you go long here, where would you put your stop-loss? At 82,000? That’s a 5% swing—your futures position would already be liquidated.
2: Today, $NEAR is up 10.75%, and $AVAX is up 5.63%. Altcoins have risen too quickly. I’ve said before that the most dangerous thing in a bull market isn’t a drop—it’s FOMO during a rebound. You see NEAR up 10% and chase it, then it pulls back 5% the next day and you panic. With coins like these, wait for a pullback; don’t chase after they’ve already surged.
3: Expectations of Fed rate hikes are still around, and the macroeconomic outlook is uncertain. October’s CPI data hasn’t come out yet. If it’s higher than expected, BTC could test 80,000 again. Then you’ll panic all over again.
I’ve said that pullbacks are opportunities, but you have to wait for them—they’re not something you chase. 82,000–83,000 is a support zone; consider buying if the price pulls back there. 86,000–87,000 is a resistance zone; don’t chase the rally before it breaks through.
Frequent trading will eventually drain you through fees. Wait until you’re confident, then make your move.
Are you planning to chase NEAR now, or wait for a pullback to 82,000 before buying? Let’s talk in the comments 👇🫡