As I wrote in , 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.
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I think the better entry if this plays out is 12.2k
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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.
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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.