The continued risk for $BTC downside to $12.9k

As I wrote in my last chart, $15.8k would be the first target to the downside. It was just hit. Now I want to update the chart with the current thoughts being new price action has played out and the chart is becoming more clear.

It looks like today's pivot might've been a short term bottom. Now that sets up a new trading range.

I think we'll likely trade between $15.5k and $17.5k until one of those ranges break. If we break resistance, that sets up the opportunity for price to retest the $18.8k region. I don't think we break that range though to the upside. Instead if we get a rejection there, I think it sets up a move back to $15.5k or down to the lower support at $12.9k. I think price will largely chop around in this range for the next week or two and towards the end of November I think we'll see a new low at $12.9k.

Let's see what happens from here.

Comment:

I think the better entry if this plays out is $12.2k

Comment:

I wouldn't stay long in crypto past Sunday. I think next week could get ugly. Expecting a quick move down starting Monday/ Sunday evening -- and a good buying area to form around the 8th - 11th. If we get this move, we'll likely have 1-2 weeks to buy in the $12k range. My guess would be that the move happens before the fed meeting on the 13-14 and then people think that meeting will bring the market lower. However, I think we'll bottom before that.

Comment:

Not sure when we'll get the low, but in the near term I'm leaning bullish. Bought a good amount of alts for a short term trade.