$BTC Fire over Earth, Li above and Kun below. Fire rises from the earth, moving upward; the Jin hexagram is about waiting for a rebound into a resistance zone before shorting—if it doesn’t reach that level, don’t chase it.
Bitcoin is currently around 78,570, already hovering near the short swing’s 38.2% level at 78,425. The weekly close has just held above 77,500 by about +1.05%; the week’s key level has not yet been confirmed as broken. The macro backdrop remains cautious. I’m more inclined to short in stages within the zone; if it doesn’t get there, don’t chase.
I’d rather wait for it to reach the 78.4–79.1k zone and short in stages:
Entry: 78,425 / 78,756 / 79,093 (scale in only once it reaches the zone; no trade if it doesn’t)
Stop-loss: 82,200 (with a buffer beyond the structure)
Take-profit 1: 77,500
Take-profit 2: 76,261
Take-profit 3: 75,967
At the first take-profit, close half the position and move the stop-loss to breakeven. If the daily candle closes above 82,200, the plan is invalidated. The next key date is the Start of Winter on November 7; over the next couple of days, keep an eye on the midterm elections on November 3 and the nonfarm payrolls report on November 6.
Don’t chase the fire rising from the earth. Do you think Bitcoin will first run up through 78.4–79.1k and give you a short entry, or pull back to retest 77.5k first?
Follow me—I’ll keep you updated as things unfold. These are my personal views, not investment advice.
Bitcoin is currently around 78,570, already hovering near the short swing’s 38.2% level at 78,425. The weekly close has just held above 77,500 by about +1.05%; the week’s key level has not yet been confirmed as broken. The macro backdrop remains cautious. I’m more inclined to short in stages within the zone; if it doesn’t get there, don’t chase.
I’d rather wait for it to reach the 78.4–79.1k zone and short in stages:
Entry: 78,425 / 78,756 / 79,093 (scale in only once it reaches the zone; no trade if it doesn’t)
Stop-loss: 82,200 (with a buffer beyond the structure)
Take-profit 1: 77,500
Take-profit 2: 76,261
Take-profit 3: 75,967
At the first take-profit, close half the position and move the stop-loss to breakeven. If the daily candle closes above 82,200, the plan is invalidated. The next key date is the Start of Winter on November 7; over the next couple of days, keep an eye on the midterm elections on November 3 and the nonfarm payrolls report on November 6.
Don’t chase the fire rising from the earth. Do you think Bitcoin will first run up through 78.4–79.1k and give you a short entry, or pull back to retest 77.5k first?
Follow me—I’ll keep you updated as things unfold. These are my personal views, not investment advice.
