#BTC Market Analysis 10/31
I kept reminding everyone about resistance during the rebound a few days ago. Now that the price has fallen, don’t rush to chase shorts.
Yesterday, I warned of a potential rebound near 76400. The price bounced after reaching 76444, climbing as high as 78776—a move of more than 2,000 points—before falling again to a low of 76270, also a move of about 2,000 points. Those who saw my post yesterday should have caught both moves.
1. The bias is still bearish; don’t chase near 76400
The daily EMA200 is around 76430, so support is still holding. However, the price remains below the daily Bollinger lower band at 78150, while the four-hour EMA21 is also acting as resistance around 79165. For now, this is still a recovery following the drop.
OI is up about 2% from 24 hours ago, as leveraged positions are being replenished. This doesn’t mean bulls have taken over. Weekend liquidity is thin, so don’t get swept up in a single rally.
2. Continue waiting to short a rebound into 78900–79500
Once the price enters this range, wait for the one-hour candle to close back below 78900, then open a small short position. Set a stop-loss at 80500, with targets at 77000 and 76500. Take profits in batches as the price approaches support.
Cancel the plan if the four-hour candle closes back above 80000 and the price holds on a retest.
Binance announced that it is replenishing the remaining affected assets through market purchases and OTC trades. This could bring buying pressure, but it doesn’t mean a bottom has been confirmed.
Use a small position. If you’re wrong, exit at your stop-loss.
I kept reminding everyone about resistance during the rebound a few days ago. Now that the price has fallen, don’t rush to chase shorts.
Yesterday, I warned of a potential rebound near 76400. The price bounced after reaching 76444, climbing as high as 78776—a move of more than 2,000 points—before falling again to a low of 76270, also a move of about 2,000 points. Those who saw my post yesterday should have caught both moves.
1. The bias is still bearish; don’t chase near 76400
The daily EMA200 is around 76430, so support is still holding. However, the price remains below the daily Bollinger lower band at 78150, while the four-hour EMA21 is also acting as resistance around 79165. For now, this is still a recovery following the drop.
OI is up about 2% from 24 hours ago, as leveraged positions are being replenished. This doesn’t mean bulls have taken over. Weekend liquidity is thin, so don’t get swept up in a single rally.
2. Continue waiting to short a rebound into 78900–79500
Once the price enters this range, wait for the one-hour candle to close back below 78900, then open a small short position. Set a stop-loss at 80500, with targets at 77000 and 76500. Take profits in batches as the price approaches support.
Cancel the plan if the four-hour candle closes back above 80000 and the price holds on a retest.
Binance announced that it is replenishing the remaining affected assets through market purchases and OTC trades. This could bring buying pressure, but it doesn’t mean a bottom has been confirmed.
Use a small position. If you’re wrong, exit at your stop-loss.
