$BTC

BTC Trade Update - November 2, 2024

Yesterday, on November 1st, I shared a BTC trade idea with entry levels at $69,000 - $69,500 and a stop loss at $67,800. However, new developments have caught our attention.

The Chicago Mercantile Exchange (CME) futures market shows a CME gap around $67,000. This level has significant liquidity, as confirmed by the liquidation heat map, making it likely that BTC might pull back to fill this gap. Historically, 70-80% of CME gaps tend to close over time.

The upcoming week is filled with high-impact events, including the U.S. elections, the FOMC meeting, and interest rate updates, all of which could trigger increased market volatility. For now, it may be wise to close positions around $69,600 and watch for a new buying opportunity at $67,000. Alternatively, consider waiting until these events unfold to assess market direction.

Plan of Action:

If BTC dips back into our entry zone of $66,500 - $67,000 due to the CME gap, liquidity levels, and high-impact events, it could present a good entry point.

Trade Setup:

Entry Zone: $66,500 - $67,000

Stop Loss: $64,800

Target Points:

TP $69,000

TP $70,000

TP $72,000

TP $73,600

TP $75,000

TP $76,300

TP $77,500

TP $86,000

Important Reminder:

This is not financial advice. Always do your own research and rely on your analysis before making any decisions.

#DYOR #StayInformed #Write2Earn #BTC #XRP