Hey guys.
This is a weekly #bitcoin review.
In the last update the yen was trading around 64K and I said that there could be corrections to local supports, but there could be another wave of growth to the 67K area. The instrument continued to grow without corrections and worked out a local flag pattern trading in the 69K area.
At the moment the price is trading in the zone of July high, where there may be formation of sideways movement or some correction, the local support that should not be broken down is 65K.
A trading setup that can be traded if the price after the correction returns to the zone of 69-70K we can look for local deals. But objectively there is nothing interesting at the moment. The price has grown after the rally by 15% and I will not say that it is necessary to buy from current levels, but it is nonsense to sell on the growing trend. Therefore, those who are in a position probably makes sense to take some money from the table, but leave some for possible continuation of growth, and those who are out of position wait for a better moment.
Can the price go higher? Yes it can, because we are in a strong season for cryptocurrencies, and we have a medium-term flag pattern in our face.
Let me remind you that we have two important events ahead of us, the expected rate cut on November 7 and the US election on November 5, no one can predict how assets will react.
Macro data that may lead to volatility this week
24.10 - PMI and unemployment data.
If it was useful for you don't forget to subscribe so you don't miss anything and give us a reaction.👍
Stay tuned.
