โ ๏ธ $BTC : don't get trapped in this bounce
I'm still bearish on Bitcoin today, and I think another drop could be coming.
Why I'm cautious:
๐ On the 1H and 4H charts, BTC is still weak and trading below resistance.
๐ There's a liquidity pool below, and longs look crowded.
๐ณ๏ธ The US midterm elections on Nov 3 could add uncertainty, and markets have sometimes been choppy before elections. A bounce in late Nov and Dec is possible after that.
๐ฆ The Fed kept rates unchanged yesterday with no cut, which adds to my caution on upside.
Short-term plan (bearish):
๐ BTC can bounce toward 80,700 โ 81,500
๐ If it gets rejected, it can drop toward 78K
Trade Setup (Short):
๐ด Entry Zone: 80,700 โ 81,500 (on rejection)
๐ฏ Targets: 79,700 / 79,200 / 78,800 / 78,000
โ Stop Loss: above 82,200
Spot buyers can look at 80K and 78K as big support, with 83K, 85K and 87K as short-term targets. If BTC holds 78K, I'd consider a long. If you have less margin, skip the short and plan a long near 78K or a spot buy.
$SOL, $ETH and $XRP usually move with BTC, so they could follow the same direction. Always DYOR, and never put everything into one trade.
#BTC #ETH #SOL #FedWatch #Write2Earn
I'm still bearish on Bitcoin today, and I think another drop could be coming.
Why I'm cautious:
๐ On the 1H and 4H charts, BTC is still weak and trading below resistance.
๐ There's a liquidity pool below, and longs look crowded.
๐ณ๏ธ The US midterm elections on Nov 3 could add uncertainty, and markets have sometimes been choppy before elections. A bounce in late Nov and Dec is possible after that.
๐ฆ The Fed kept rates unchanged yesterday with no cut, which adds to my caution on upside.
Short-term plan (bearish):
๐ BTC can bounce toward 80,700 โ 81,500
๐ If it gets rejected, it can drop toward 78K
Trade Setup (Short):
๐ด Entry Zone: 80,700 โ 81,500 (on rejection)
๐ฏ Targets: 79,700 / 79,200 / 78,800 / 78,000
โ Stop Loss: above 82,200
Spot buyers can look at 80K and 78K as big support, with 83K, 85K and 87K as short-term targets. If BTC holds 78K, I'd consider a long. If you have less margin, skip the short and plan a long near 78K or a spot buy.
$SOL, $ETH and $XRP usually move with BTC, so they could follow the same direction. Always DYOR, and never put everything into one trade.
#BTC #ETH #SOL #FedWatch #Write2Earn
