#BTCUSD: long and mid term update:

Current signal is ambiguous here, outcome depends on this week's price action until next Sunday's close. There was a 98k target forecast activated from like 36-37k in late July...

That forecast will be invalidated if this week bulls manage to send $BTCUSD prices over 56138.42 (Coinbase price), or could even turn into a bearish setup if prices move below 35910.04 before next Sunday's close. If you were long, you know what stop to use...

Watch this week's action closely, daily and weekly charts are interesting to watch as well, daily turning bearish could be an early indication of downside risk. I'm inclined to see bullish action, as markets recover from the recent shocks, but, I'm data dependent here. Things will be clearer soon, the biweekly timeframe has worked well to analyze the big picture swings in Bitcoin historically, so it is a good tool to use here, although from an execution standpoint, you have to tolerate big drawdowns if using it at times, for the most part it does a good job, those drawdowns are nothing compared to the returns generated by trading it.

Comment:

I suspect we likely see sideways action, for 2 weeks, which is what weekly charts imply in a lot of markets now, to resolve the downside range expansion from 2 weeks ago in all markets.

Thus, we might trigger a bullish trend from a larger, higher mode, invalidating the 98k target here and instead giving a 110k target:

Trade active:

Buying the dip here makes sense in the big picture...

Trade closed manually:

Hourly charts look bad, daily as well, target here is roughly the level where 2w turns bearish, I sold my positions a bit earlier, updated in the #ETH chart

Trade active:

Looks like the bottom is in, as long as above 40200+35k that is...

Trade closed manually:

Intraday bottom didn't hold, after Gensler's speech, everything turned red again.

Back to monitoring the action for more indications of either a bottom in a few days, or a bearish signal in the big picture.

Comment:

The daily chart is our guide here, the current down trend could last until price hits 37990, or until Sep 27th:

Trade closed manually:

Not a good look, prices failed to hold up after the rebound, some fake news managed to wipe out a lot of people and we still have no buyers stepping up...This is heavy action in crypto. I sold my longs for a very small loss.

The daily trend signal expires on the 28th, wait until then at least, and watch it.

Comment:

Watch these key dates for a potential bottom.

Comment:

I suggested going long on Twitter yesterday, for both $ETHUSD and $BTCUSD.
Here's the updated daily chart:

Entry was around 43k.

Comment:

Comment:

Depending on how this bar closes on October 10th, the 2 week period between October 11th and 24th can confirm a strong bullish trend signal, with target over 106k.

If this happens, allocation could be increased...

Comment:

Trade active:

A 2w signal confirmed in the CME chart already, close to it in the spot chart...
I'm long.

Comment:

2W signal confirmed in spot charts too.