Daily 4XSetUps - BTC1! (Not) A Hopeless Case

2024/10/24
Daily 4XSetUps - BTC1! (Not) A Hopeless Case
“almost failed yesterday! broke out upwards today?”


NASDAQ:TSLA explodes with 20% - best trading day in 11 years!
And CME:BTC1! had a successful day too - albeit quite modestly compared to NASDAQ:TSLA .

Basically, the current price action in CME:BTC1! looks bullish.
Not only because the last bearish GAP was confirmed in the last calendar week! What? Yes, the 3 SMA trend lines (200, 100, 20) were also confirmed. What all together brings even me too to a CME:BTC1! bull - since last weekend. That's why let's focus on the basic price actions area, for this long CME:BTC1! 4XSetUps - at least, in my humble opinion.

68775 USD - (2024/10/21) - last price action
67522 USD - (2024/10/21) - SMA 120 hl2 (4 Week)
64153 USD - (2024/10/21) - SMA 480 hl2 (4 Week)
62470 USD - (2024/08/02) - GAP Upper Trend Line
61917 USD - (2024/10/21) - SMA 1560 hl2 (13 Week)
59445 USD - (2024/08/05) - GAP Down Trend Line

“Mistakes are the path to progress.”
Ray Dalio

But let's not look too far ahead on the timeline. Let alone too high on the price axis. And let's focus on the short-term price action, in CME:BTC1! , this calendar week. 2 Candlesticks are particularly noticeable - for bulls and/or for bears. Because these two 1-hour candlesticks - the 1st green bullish and/or the 2nd red bearish - seem to manifest something like an upward trend that has ended for the time being. Possibly perhaps even the end of the bullish rally!? The beginning of a bearish rally?! And that, if you like, digitally analogue, both on the daily candlestick timeline and currently on the 1h timeline.

However,
be that as it may,
nonetheless I'm pretty bullish on CME:BTC1! - as long as the price action is trading above the last GAPS and/or the 4-week trend line.

68755 USD - (2024/10/21) - last price action
68225 USD - (2024/10/15) - Above Average Bear 1h High
68045 USD - (2024/10/15) - Above Average Bull 1h High
65980 USD - (2024/10/15) - Above Average Bull 1h Low
65385 USD - (2024/10/15) - Above Average Bear 1h low

Today was a good day!
Both, the weekly trend line was broken upwards as well as the two highs from Tuesday last week - which in retrospect can definitely be classified as a long squeeze, if you want? And I do! That's why I pay close attention to 68225 USD and/or 68045 usd. Because a sustained price action of over 68000 USD is likely to increase the greed in CME:BTC1! again? What could drive CME:BTC1! maybe to new old all-time highs! The next targets are

68755 USD - (2024/10/21) - last price action
70825 USD - (2024/07/29) - high of July 2024
72660 USD - (2024/06/07) - high of June 2024
73380 USD - (2024/04/08) - high of April 2024
74415 USD - (2024/03/14) - high of March 2024


Have a good time
- regardless of the price action!
Aaron



“daily 4XSetUps - …” is pure information material!
By trying to give you even more information about some trading capabilities to trade and/or invest in some securities. This post is not a call to action - it only provides information. You decide (not) to decide. Even if I am writing daily 4XSetUps with concrete entry prices, target prices and/or also stop prices! It is like it is - like I said; You decide to respond to the analysis I just formulated to buy, to sell, or to do nothing! More information about my approaches to investing in something specific or just trading it, or even just describing it, can be found in the daily "Another 48h - DXY ...! Analysis Post. Where I try to track the price action in TVC:DXY every day so that we learn something new daily.