Hello Bitcoiners! Yesterday the price closed at $80K slightly LOWER than Sunday’s close before promptly forming local SUPPORT at the Middle Band of the Downtrend AVWAP. This could either be CONFIRMATION of a RECOVERY or a rally on FOMC anticipation.
What we’re looking for now is where price is able to chop back to before finding RESISTANCE. Structurally anything BELOW $83.6K by Saturday evening is still a Red October and after FOMC is behind us the question is where in the candle we land.
Most important level to pay attention to now is $81.1K and $81.9K to the upside confirming relative STRENGTH or WEAKNESS on the way back toward Daily SMA.
See you tomorrow!
- Jacob
PS. Same trade for the foreseeable future. Perp Long is still in Loss. Not concerned. Will continue adding probably later this week or next week I would think. Will either Rollover the Futures Shorts or continue adding during 4H Breaks that I go over with Members.
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