Daily 4XSetUps - Digital Analog Bearish BTC1! Day

2024/10/31
Daily 4XSetUps - Digital Analog Bearish BTC1! Day
“today's price action is similar to the price action of the year!
what happens next? are $66000 like heaven? the sky? the limit?”



GC1! & BTC1! & NDX - everything is falling today!
There are fears of a repeat of the "Liz Truss moment" - the bond markets are clearly no longer willing to play along and finance every madness in public finances. As I wrote in my daily “Another 48h - …” post, today: “That reminds me of the sharp rise in UK yields - when the British government wanted to massively increase its borrowing and at the same time sharply increased some taxes. What was the beginning of the end by Liz Truss 2022. Today also, US yields are exceptionally high - in relation to the current interest rate and/or expectations of upcoming interest rate cuts. And react, if you will, with a vote of no confidence, with sharply increasing returns - and that is very reminiscent of the Liz Truss moment that drove the then British Prime Minister out of office. I'm not a yield curve expert - but this fear certainly cannot be denied in the price action of the US yield curve shortly before the US election! Or am I reading too much into it? Because as already indicated at the beginning - the US economy has been growing more or less higher than inflation more or less since the last 3rd quarter. What should normally boost the DXY and Wall Street? DJIA & SP500 & NDX But the opposite was the case today!”

“I learned that if you work hard and creatively, you can have just about anything you want, but not everything you want. Maturity is the ability to reject good alternatives in order to pursue even better ones.”
Ray Dalio

The BTC1! is back above $70000
- a psychologically very important price action.
This was and is the most important fact about the price action of BTC1! . Since the start of this week BTC1! continues to rise. But first things first: BTC1! closed on Friday last week 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! is still above $70000, at least this week until today. From an intellectual and/or psychological aspect, the $66000 and/or $70000 should hold. Because if the price action would be below, the chart trend will likely to look even worse than today - namely digitally analogue (for the course of the year and or even in the short term) bearish and no longer bullish.

70825 USD - (2024/07/29) - high of July 2024
70855 USD - (2024/10/31) - last price action
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


With best wishes
and with good intentions!
Aaron



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