$BTC
On-chain data shows institutions are entering the market, possibly positioning themselves ahead of the midterm elections.
And looking at the orders from Bitcoin whales,
This time, both the 80K level and the previous 75,000 level formed bullish wedges.
It’s different from last time. This time, we can still see a lot of buying.
On the daily timeframe, the structure is a bullish wedge,
with sideways movement and shakeouts within this range. Combined with the larger daily structure from last time, it looks like an expanding triangle (I can’t be bothered to open my computer and draw it—just picture it from my description).
My overall view has always been bullish on the larger structure,
with a need for a pullback on the lower timeframes.
The lowest I can see it going is around 75,000, but I’m not sure what form the decline will take. So a few days ago, even when BTC was falling hard, I took a short at 84,800, caught the high, rode it down to 80,800, and got out.
After that trade, I haven’t entered another BTC position. You can check my earlier posts! I also said not to short around 80,800. Even after it broke below 80K a few times, I kept saying not to short. I repeated the warning again and again. Wait for it to show its hand! Shorting at either of these two levels doesn’t offer a good risk-reward ratio, unless you opened your short above 84,000.
I entered yesterday at 3 p.m., going long on BTC at 79,500. I even posted a sarcastic comment about BTC acting cocky. At the time, I already felt it couldn’t go any lower, but BTC still hasn’t fully taken off today.
It’s only returned to around 81,000. For a real breakout, watch whether it can hold above 81,500 on increased volume. If it does, short positions will have to stop out and exit.
Just hold on to good entries. No need to panic at all.
That’s why, when trading, you need to keep your hands in check and avoid overtrading. The importance of good entry points really shows here.
$XAU
As for gold, the indicators have been diverging for a while, and the price hasn’t broken down.
On-chain data shows institutions are entering the market, possibly positioning themselves ahead of the midterm elections.
And looking at the orders from Bitcoin whales,
This time, both the 80K level and the previous 75,000 level formed bullish wedges.
It’s different from last time. This time, we can still see a lot of buying.
On the daily timeframe, the structure is a bullish wedge,
with sideways movement and shakeouts within this range. Combined with the larger daily structure from last time, it looks like an expanding triangle (I can’t be bothered to open my computer and draw it—just picture it from my description).
My overall view has always been bullish on the larger structure,
with a need for a pullback on the lower timeframes.
The lowest I can see it going is around 75,000, but I’m not sure what form the decline will take. So a few days ago, even when BTC was falling hard, I took a short at 84,800, caught the high, rode it down to 80,800, and got out.
After that trade, I haven’t entered another BTC position. You can check my earlier posts! I also said not to short around 80,800. Even after it broke below 80K a few times, I kept saying not to short. I repeated the warning again and again. Wait for it to show its hand! Shorting at either of these two levels doesn’t offer a good risk-reward ratio, unless you opened your short above 84,000.
I entered yesterday at 3 p.m., going long on BTC at 79,500. I even posted a sarcastic comment about BTC acting cocky. At the time, I already felt it couldn’t go any lower, but BTC still hasn’t fully taken off today.
It’s only returned to around 81,000. For a real breakout, watch whether it can hold above 81,500 on increased volume. If it does, short positions will have to stop out and exit.
Just hold on to good entries. No need to panic at all.
That’s why, when trading, you need to keep your hands in check and avoid overtrading. The importance of good entry points really shows here.
$XAU
As for gold, the indicators have been diverging for a while, and the price hasn’t broken down.
