Daily 4XSetUps - Miserable Day For BTC1! Bulls Today

2024/10/23
Daily 4XSetUps - Miserable Day For BTC1! Bulls Today
“was the last upswing just a flash in the pan? we will experience it!!”


The numbers of NASDAQ:TXN yesterday were definitely not fireworks,
but they weren't worse than feared either. And this explains the bottoming out of the share price and the slight increase in trading so far on Wednesday. WallStreet as a whole is threatening to end the trading day again in the middle of the week with losses. There just seem to be clear bullish arguments emerging. A commentator friend of mine at an online brokerage said today; "that it could possibly be because the Chinese leadership's stimulus didn't go far enough and missed the topic. Namely on the internal market. Just as US Treasury Secretary Janet Yellen said it." Maybe that's why a bit of a hangover feeling sets in again after the bullish price action party in China. WallStreet seems to be back to normal after the stock price explosion in China. The price action on the stock market is again determining us company figures - the us reporting season is underway. And also us economic figures - like us durable goods on Friday.

Basically, the current price action in 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 BTC1! bull - since last weekend. That's why let's focus on the basic price actions area, for this long BTC1! 4XSetUps - at least, in my humble opinion.

67790 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

“School typically doesn’t prepare young people for real-life – unless their lives are spent following instructions and pleasing others. In my opinion, that’s why so many students who succeed in school fail in life.”
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 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 BTC1! - as long as the price action is trading above the last GAPS and/or the 4-week trend line. Which are currently at USD and/or USD today - + USD and/or + USD above the closed price action of USD today,

68225 USD - (2024/10/15) - Above Average Bear 1h High
68045 USD - (2024/10/15) - Above Average Bull 1h High
67790 USD - (2024/10/21) - last price action
65980 USD - (2024/10/15) - Above Average Bull 1h Low
65385 USD - (2024/10/15) - Above Average Bear 1h low

Miserable day for BTC1! Bulls - the BTC1! Bears have taken over command today. And the price action is moving confidently towards the southeast. Currently BTC1! traded at $65860. Which is a drop of over -2%.

It would be important for the coming hours, for the rest of the week, based on the course of the week so far, that USD 65980 and/or USD 65385 hold first. Because with a price action above we could still claim that the BTC1! still moving in a seismic trend for a few days. However, if you look at the chart, this is more wishful thinking than sober analysis. Because if this week's trend continues, we should soon see another price action of more or less 64469 USD. Yes, even around 62000 USD. Which would make the whole price action picture for 2024 look more than miserable. Because the 4-week trend line, and/or also the 13-week, i.e. quatalery, trend line currently moves more or less around these two price actions. So that if the price action is below 62000 USD, we could then have formed a trend reversal formation, at a more or less all-time high! Therefore, in any case, operate with a stop price - like in this case at 60000 USD.


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.