#BTC Market Analysis 10/24
Yesterday I posted that we could short a bounce near 82,000. This morning’s low was 80,461, for a profit of around 1,600 points.
Price is currently near 80,910. The plan to short a bounce remains unchanged, but don’t chase the drop above 80,000.
1. 82,000–82,400 is today’s resistance zone
The 4-hour EMA21 is around 81,995, the EMA200 around 82,041, the 1-hour EMA200 around 82,202, and the daily EMA21 around 82,447. Price is still below the moving averages, so for now, treat this as a weak rebound.
Open interest (OI) is down around 2.4% over the past 24 hours. Leverage is unwinding, but price hasn’t reclaimed the resistance zone, so don’t assume we’ve bottomed.
2. Stay flat and wait for a bounce; don’t chase this move
If price bounces to 82,000–82,400, wait for the 1-hour candle to close back below 82,000 before considering a small short position. Stop-loss: 83,300. Target: 80,000–79,700. If price breaks below 79,700, let the remaining position run toward 78,500.
If you haven’t entered yet and the 4-hour chart closes above 82,700 and holds on a retest, cancel this short setup.
Near 80,000, support sits around 79,854 at the daily Bollinger lower band and 79,732 at the previous low. If you’re already short, take some profit as price approaches this area. Don’t give back your gains just to squeeze out the last few hundred points.
The complete ETF data for the 22nd showed net outflows of around $636 million. Data for the 23rd is not yet complete, so it’s too early to say spot-market funds are flowing back in.
Treat the weekend as a low-liquidity period and watch out for sharp wicks. Don’t bet heavily on a breakdown. Today, just wait to short a bounce—don’t chase the drop into support.
If the trade goes against you, respect your stop-loss. Don’t stubbornly hold on.
Yesterday I posted that we could short a bounce near 82,000. This morning’s low was 80,461, for a profit of around 1,600 points.
Price is currently near 80,910. The plan to short a bounce remains unchanged, but don’t chase the drop above 80,000.
1. 82,000–82,400 is today’s resistance zone
The 4-hour EMA21 is around 81,995, the EMA200 around 82,041, the 1-hour EMA200 around 82,202, and the daily EMA21 around 82,447. Price is still below the moving averages, so for now, treat this as a weak rebound.
Open interest (OI) is down around 2.4% over the past 24 hours. Leverage is unwinding, but price hasn’t reclaimed the resistance zone, so don’t assume we’ve bottomed.
2. Stay flat and wait for a bounce; don’t chase this move
If price bounces to 82,000–82,400, wait for the 1-hour candle to close back below 82,000 before considering a small short position. Stop-loss: 83,300. Target: 80,000–79,700. If price breaks below 79,700, let the remaining position run toward 78,500.
If you haven’t entered yet and the 4-hour chart closes above 82,700 and holds on a retest, cancel this short setup.
Near 80,000, support sits around 79,854 at the daily Bollinger lower band and 79,732 at the previous low. If you’re already short, take some profit as price approaches this area. Don’t give back your gains just to squeeze out the last few hundred points.
The complete ETF data for the 22nd showed net outflows of around $636 million. Data for the 23rd is not yet complete, so it’s too early to say spot-market funds are flowing back in.
Treat the weekend as a low-liquidity period and watch out for sharp wicks. Don’t bet heavily on a breakdown. Today, just wait to short a bounce—don’t chase the drop into support.
If the trade goes against you, respect your stop-loss. Don’t stubbornly hold on.