$BTC Hexagram Bo (Mountain over Earth), Gen above Kun. Earth on the mountain, peeling away layer by layer. Hexagram Bo says not to try catching the bottom halfway up the mountain; wait for a rebound to resistance, then short.
BTC is currently around 77,650, caught in a tug-of-war around the 77,500 make-or-break line. Yesterday’s close was just a little above it, and this week’s close is due tomorrow morning, November 2 at 08:00—that weekly candle will determine the direction. The macro backdrop remains chilly over the weekend, with the Hexagram Bo context of the Xu month still in place. Amid the fallout from the hack, replenishment progress has reached about 90%; don’t mistake improving sentiment for a trend reversal to the upside. I’d rather wait for a rebound and short than try to catch the bottom.
I’d rather wait for a rebound into the 77.74–79.1k range and scale into a short:
Entry: 77,740 / 78,425 / 79,093 (scale in across the range as appropriate)
Stop loss: 82,200 (with an additional buffer beyond the structure)
Take profit 1: 76,261
Take profit 2: 75,968
Take profit 3: 75,000
At the first take-profit target, close half the position and move the stop loss to breakeven. If it doesn’t rebound, don’t trade. If the daily/weekly candle closes below 76,261, switch to a breakdown short and set this plan aside for now. The next key date is Start of Winter on November 7; the most important thing to watch this week is the November 2 weekly close relative to 77,500.
Don’t try to catch it as it peels away layer by layer. Do you think BTC will first rebound to 78.4k and give you a short entry, or break below 76.3k first?
Follow me for updates. Personal opinion, not investment advice.
BTC is currently around 77,650, caught in a tug-of-war around the 77,500 make-or-break line. Yesterday’s close was just a little above it, and this week’s close is due tomorrow morning, November 2 at 08:00—that weekly candle will determine the direction. The macro backdrop remains chilly over the weekend, with the Hexagram Bo context of the Xu month still in place. Amid the fallout from the hack, replenishment progress has reached about 90%; don’t mistake improving sentiment for a trend reversal to the upside. I’d rather wait for a rebound and short than try to catch the bottom.
I’d rather wait for a rebound into the 77.74–79.1k range and scale into a short:
Entry: 77,740 / 78,425 / 79,093 (scale in across the range as appropriate)
Stop loss: 82,200 (with an additional buffer beyond the structure)
Take profit 1: 76,261
Take profit 2: 75,968
Take profit 3: 75,000
At the first take-profit target, close half the position and move the stop loss to breakeven. If it doesn’t rebound, don’t trade. If the daily/weekly candle closes below 76,261, switch to a breakdown short and set this plan aside for now. The next key date is Start of Winter on November 7; the most important thing to watch this week is the November 2 weekly close relative to 77,500.
Don’t try to catch it as it peels away layer by layer. Do you think BTC will first rebound to 78.4k and give you a short entry, or break below 76.3k first?
Follow me for updates. Personal opinion, not investment advice.
