#BTC Market Analysis 10/14
It bounced from 81,000 to 83,400. Chasing a long position now would put you in an awkward spot.
Yesterday, the price reached a high of 84,138 but failed to break through 84,300. It hasn’t returned to the long-entry zone since I posted.
Today, I’m still trading the range.
1. Resistance: 84,000–84,300
The daily Bollinger midline and the 4-hour upper Bollinger Band are both in this area. If you’re holding long positions from lower levels, consider taking some profit as the price approaches. There’s no need to give back your gains just to squeeze out the last 100 or 200 points.
2. Support: 82,000–82,400
The 4-hour EMA 200 is near 82,000, and the lower Bollinger Band is around 82,250. If the price pulls back here and holds steady, consider opening a small long position, with a stop-loss at 80,800 and a target of 84,000–84,300. But note that the 4-hour EMA 200 has already been tested twice, so support is weakening. If the price breaks below it on a large bearish candle, you can wait for a rebound and then look for a short position.
OI is up about 1% compared with the same time yesterday, so positions have been added back. But the price hasn’t cleared resistance yet, so we can’t say the bulls have taken control.
I’m staying out for now around 83,400. If the price breaks above 84,300 and holds, then I’ll look higher. I won’t call it a breakout based on a single wick.
CPI is due out at 20:30 tonight. Don’t bet heavily on the data.
This is my trading plan, and there’s no guarantee it will play out. Manage your position size, and if you’re wrong, exit at your stop-loss—don’t stubbornly hold on.
It bounced from 81,000 to 83,400. Chasing a long position now would put you in an awkward spot.
Yesterday, the price reached a high of 84,138 but failed to break through 84,300. It hasn’t returned to the long-entry zone since I posted.
Today, I’m still trading the range.
1. Resistance: 84,000–84,300
The daily Bollinger midline and the 4-hour upper Bollinger Band are both in this area. If you’re holding long positions from lower levels, consider taking some profit as the price approaches. There’s no need to give back your gains just to squeeze out the last 100 or 200 points.
2. Support: 82,000–82,400
The 4-hour EMA 200 is near 82,000, and the lower Bollinger Band is around 82,250. If the price pulls back here and holds steady, consider opening a small long position, with a stop-loss at 80,800 and a target of 84,000–84,300. But note that the 4-hour EMA 200 has already been tested twice, so support is weakening. If the price breaks below it on a large bearish candle, you can wait for a rebound and then look for a short position.
OI is up about 1% compared with the same time yesterday, so positions have been added back. But the price hasn’t cleared resistance yet, so we can’t say the bulls have taken control.
I’m staying out for now around 83,400. If the price breaks above 84,300 and holds, then I’ll look higher. I won’t call it a breakout based on a single wick.
CPI is due out at 20:30 tonight. Don’t bet heavily on the data.
This is my trading plan, and there’s no guarantee it will play out. Manage your position size, and if you’re wrong, exit at your stop-loss—don’t stubbornly hold on.