Today’s economic data basically met expectations, including PCE at 3.1. In that case, BTC may stabilize around 80K. Although I’m bearish, I don’t think it will happen that quickly; it’ll grind sideways for a while before dropping.
Based on my own analysis, today or tomorrow BTC will surge toward its previous high around 81.8K. If it’s a strong move, it could go straight to 82.7K before dropping; alternatively, it could rise into the 81K–81.8K range, pull back to around 79.5K, then surge to 82.7K before dropping.
My overall strategy lately is to open long positions and add to my spot BTC whenever it drops to around 79.5K–80K. If it can reach around 82.7K, I’ll open a heavy short position and close it after capturing a move into the 78K–79K range.
BTC’s price action has now formed a bullish pattern. My short position, which I closed to open a long, is already profitable. I’ll hold on a little longer and see whether the long can reach its target.
There’s a high probability of a Fed rate hike in December. A hike could cause a drop, but we need to watch the economic data and global capital flows over the next two months. If GDP remains strong, a rate hike could instead push BTC up to around 100K.
$BTC
Based on my own analysis, today or tomorrow BTC will surge toward its previous high around 81.8K. If it’s a strong move, it could go straight to 82.7K before dropping; alternatively, it could rise into the 81K–81.8K range, pull back to around 79.5K, then surge to 82.7K before dropping.
My overall strategy lately is to open long positions and add to my spot BTC whenever it drops to around 79.5K–80K. If it can reach around 82.7K, I’ll open a heavy short position and close it after capturing a move into the 78K–79K range.
BTC’s price action has now formed a bullish pattern. My short position, which I closed to open a long, is already profitable. I’ll hold on a little longer and see whether the long can reach its target.
There’s a high probability of a Fed rate hike in December. A hike could cause a drop, but we need to watch the economic data and global capital flows over the next two months. If GDP remains strong, a rate hike could instead push BTC up to around 100K.
$BTC
