Daily 4XSetUps - Today Was A Good Day In BTC1!

2024/10/28
Daily 4XSetUps - Today Was A Good Day In BTC1!
“are we breaking bullish to old new all-time highs?
don't lose your nerves - nothing has been achieved yet!”


The sharp fall in the price of OIL on Sunday evening, which was confirmed during the course of the day on Monday, appears to have given the US stock market a boost on Monday. In line with the fall in oil prices as fears of escalation in the Middle East ease, BTC1! is back above 70000 USD today. What does one have to do with the other? I don't know! But if I interpret the price action correctly today, then geopolitical risks are likely to have been priced out again after the Israeli retaliatory strike against Iran, which was more moderate than expected. According to the motto: "Risk on - it's not as bad as you think!" Bad enough - but as I said, that's geopolitics; yes, even the historical religious history of our humanity - which lasts over 1,500 years (Islam), over 2,000 years (Christianity), almost 3,000 (Judaism). But that doesn't matter at this point today. But the fact that the UKOIL is falling significantly and BTC1! is rising at the same time - I haven't paid attention to this correlation (yet). If UKOIL fall noticeably, this reduces inflationary pressure. Why BTC1! should also fall; as an alternative investment. At least I thought so far. But maybe the US election is also driving BTC1! ? Trump? Musk? Or vice versa? I don't know! But the fact that a low UKOIL is playing into the hands of the US Federal Reserve, while the US economy currently seems to be growing out of US StagFlation, is of course fuel for WallStreet. Because with the help of low energy costs, every economy grows more easily; as we all (unfortunately) had to experience due to the green economic disaster in almost every country, in our so-called West, in the last 4 years.

70635 USD - (2024/10/29) - 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.

“More than anything else, what differentiates people who live up to their potential from those who don’t is a willingness to look at themselves and others objectively. ”
Ray Dalio

The DJIA ultimately gained +0.65% to 42,387.57 points today after the best-known Wall Street index fell by almost three percent last week. Also a good start to the week like BTC1! . The market-wide SP500 , which had lost around one percent the week before, rose by 0.27 percent to 5,823.52 points this Monday. The technology stocks index NDX , which was able to buck the negative trend and gain slightly in the previous week, gave up its moderate gains by the end of trading. It ultimately closed unchanged in percentage terms at 20,351.07 points. Peak value in the DJIA was one of our Daily 4XSetUps. MMM shares climbed 4.4% to $130.29 on Monday - back above 130 USD. Actually unimaginable - after the brutal sell-off last week. Which amounted to a massacre in the price action. Anyway, we'll stick with it with a stop price. And we continue to hope that the shares will not come under pressure again by the end of 2024. And we may then experience something like a trend reversal by the end of 2024. After the conglomerate's solid quarterly figures, sales analyst Stephen Tusa from JPMorgan raised his price target for the share to $165 and confirmed his investment rating of "Overweight". He therefore assumes "that the share will perform better than the industry in the next six to twelve months." Me too.

However, many followers always found my technical analysis and 4XSetUps instructive and usually also profitable. So I also felt compelled to formulate a long Bitcoin 4XSetUp. Because as I said, above the bearish GAPS you can argue bullishly, as I am currently doing.

70635 USD - (2024/10/29) - 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

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, today was a really, a really really good day!
The BTC1! is back above 70000 USD - a psychologically very important price action. And in the first two hours of Tuesday trading, BTC1! continues 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 are previous annual highs in 2024

70635 USD - (2024/10/29) - 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


With best wishes
and with good intentions!
Aaron



Another 48h - DXY ... is pure information material.
By trying to give you even more information about the DXY every day to make even better trading decisions (buy/sell or do nothing). The goal of each day is from my side that you say to yourself after reading my daily analysis (Another 48h - DXY ...): "I didn't notice that before!" Because then you have received new information; yes - maybe even learned something!? If, yes? Then give me a like - and continue reading tomorrow! Concrete 4XSetUps with entry price, target price and also stop price are available in the daily 4XSetUps...