2024/10/21
Daily 4XSetUps - BTC1! (1h) This Week Should Be Groundbreaking
“digital analogue sideways trend - in the 1h chart - in the daily chart!?”
The start of the week did not go well on Wall Street, in the case of stocks.
With low trading volumes, the TVC:DJI and FRED:SP500 closed in the red. Only the technology exchange NASDAQ:NDX held its ground today. NYSE:BA reached an agreement today, offering striking machinists a 35% pay increase over the next four years. But the whole thing won't be finally signed until Wednesday. Nevertheless, the aircraft manufacturer's shares are benefiting today - from which we were stopped out weeks ago. I don't know today whether I will formulate a new long 4XSetUp for NYSE:BA . This long BTC1! 4XSetUp is technically more attractive!
Anyway, on a fairly uneventful trading day, statements from some FED members weighed heavily, raising concerns that the US economy was still doing too well to expect further "XXL cuts" in a short period of time. As I have said several times on Twitter: "The various asset classes currently seem to be pricing in a soft landing scenario for the US economy." And based on this - on the expectations of a soft landing scenario - this long BTC1! 4XSetup was formulated. 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 CME: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
“There are two broad approaches to decision making: evidence/logic-based (which comes from the higher-level brain) and subconscious/emotion-based (which comes from the lower-level animal brain).”
Ray Dalio
In order to confirm the past calendar week, at least the high from July of this year 2024 should be aimed for in the current calendar week. So that in the following calendar weeks, the high from June of this year 2024, from April of this year 2024, and/or from March from this year 2024 should also be targeted. Which is also the historical all-time high at USD 74415.
68785 USD - (2024/10/18) - 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
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 CME:BTC1!, this calendar week. And here the following price action areas are particularly important.
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
Because these two 1-hour candlestick charts 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. Be that as it may, nonetheless I'm pretty bullish on CME:BTC1! - as long as the price action is trading above the last GAPS and/or the 4-week trend line. Which are currently at 62470 USD and/or 64161 USD today - +5320 USD and/or +3599 USD above the closed price action of 67790 USD today,
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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.