Daily 4XSetUps - I'm Afraid, Afraid About Us, About BTC1!

2024/10/29
Daily 4XSetUps - I'm Afraid, Afraid About Us, About BTC1!
“classic breakout from the sideways trend in the week so far!
are we now heading to new all-time highs? this week? next week?”


Before the quarterly report from GOOGL , traders and investors seemed to have gained new courage on Tuesday. After a weaker start to trading, technology stocks in particular rose on Tuesday and ultimately led to significant gains on the NDX today. And so the market-wide SP500 also pulled up, while the DJIA , which is predominantly stocked with standard stocks, remained in slightly negative territory. The best-known WallStreet index ended the trading day with a slight minus of -0.36% to 42,233.05 points on the day. The SP500 , on the other hand, rose by 0.16% to 5,832.92 points. And the NDX , which was unchanged at the beginning of the week, even gained +0.98% to 20,550.65 points today. Our long BTC1! 4XSetUp was even briefly traded at new all-time highs today. Which is why I had to deal with fear today: “I`m Afraid, Afraid About Us, About BTC1!”

73590 USD - (2024/10/30) - last price action
62470 USD - (2024/08/02) - GAP Upper Trend Line
59445 USD - (2024/08/05) - GAP Down Trend Line

That's why I`m basically bullish for BTC1! .
And that because of the last bearish GAP which was confirmed in the last calendar week before! What? Yes, look at the Chart! We have fallen back into the bearish GAP - but the bulls have regained ground above it. At least since the last upward movement, which is now 2 full calendar weeks behind us! Which admittedly is no guarantee that price action will continue to rise? True - but with a price action above this bearish GAP we have solid hope! And that's what this 4XSetUp is aimed at.

“I saw that to do exceptionally well you have to push your limits and that, if you push your limits, you will crash and it will hurt a lot. You will think you have failed—but that won’t be true unless you give up.”
Ray Dalio

Building on the bearish GAP that was recaptured, the rally, precisely from this bearish GAP, has stalled! And that's what this calendar week is about. That's what the last calendar week was about. Many influencing factors play a role in this price action - which I don't want to go into at this point and can't go into. US elections? Will Trump win? Does BTC1! win? Does Trump lose? Does Trump lose? Is BTC1! losing? Or the other way around? I don't know! And about the influence of US economic data I also don't wanna know anything! Because for me, BTC1! is fundamentally always emotionally driven, including their observers, traders and/or investors - who basically always write BTC1! up. Because they own it. The others, like me too, simply don't care about it - the narratives which drive the price action up and/or down. That's it - basically!

However, yesterday was a really, a really really good day!
The BTC1! was traded and/or invested back above 70000 USD - a psychologically very important price action. And in the first two hours of Tuesday trading, BTC1! continued to rise. But first things first: BTC1! closed on Friday more or less just above a small GAPS that we had at the opening on Wednesday - within the two candlesticks mentioned above. And opened this week just at the price action of the current sideways trend. What can you fundamentally be considered positively bullish if you want? And I do! Because if BTC1! stays above 70000 USD, at least this week, then the way is free to make new old all-time highs. The only thing standing in the way were previous annual highs in 2024.

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
73580 USD - (2024/10/20) - last price action
74415 USD - (2024/03/14) - high of March 2024

GOOGL one of the mega-heavyweights, opened the technology industry's reporting season after trading closed that day. After trading, the shares rose by a further 5 percent because the numbers were better than expected. AMZN rose by +1.3% and META even rose by +2.6% by the close of trading. In addition, three more of the “Magnificent 7”, AAPL , NVDA and MSFT , increased by +0.1% to +1.3%, while TSLA fell by -1.1%. The electric car manufacturer had already impressed with its figures last Wednesday. Both the software company MSFT and the Internet company META will present figures after the US stock market closes. On Thursday it continues with the iPhone manufacturer AAPL and the world's largest online retailer AMZN . That's why we're letting all of our long 4XSetUps that we have in us stocks continue to run: MMM & AMZN & GOOGL & WMT & JNJ and/or YM1!

Traders and/or investors regarding our long Bitcoin 4XSetUp experienced a positive surprise today when they first looked at the chart. After almost five months, BTC1! has managed to get closer to its previous annual highs in 2024 for the first time. In the week so far, the USD 70000 price action area was first broken - which was no easy task and which the bulls have been fighting for for days. Before today, like yesterday, it went up so much that I was afraid. Afraid of us bulls. Fear of bullish price action breaking out towards old new all-time highs. Where BTC1! was intraday at 74485 USD. What is important for BTC1! now is that it holds 70000 USD. And/Or even better, the annual highs so far 73380 USD, from 2024/04/08 (high of April 2024), 72660 USD, from 2024/06/07 (high of June 2024), and/or 70825 USD, from 2024/07/29 (high of July 2024). Because above 74415 USD sky is the limit…


With best wishes
and with good intentions!
Aaron



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