$BTC We have been sharing this for the past two days, and the price is likely to pull back to 69000. On the last day of October, it reached 69700. Although the price was a bit off, the meaning was conveyed. I also closed my short position at 72000 for profit.
So how will the price trend this week? This time we need to reason from smaller timeframes back to larger ones, which is more logical:
1. 1-hour level (first chart): We can speculate that the price will touch the Bollinger middle band around 71000-71300, and we need to watch for a breakout. Personally, I tend to think it won't break on the first attempt; a second attempt would be needed to break the middle band. At that time, the price might fall in the range of 70500-70800. If it breaks out, we can enter a long position‼️
2. 4-hour level (second chart): Continuing from what was said earlier, if the 1-hour level breaks the Bollinger middle band, then we expect the 4-hour Bollinger middle band to be touched and to break out. My view here is that if it touches, it will break directly.
3. Daily level (third chart): Continuing from the previous 4-hour chart, after the breakout, the price is estimated to reach around 72000. We need to pay attention to whether it will be under pressure and retreat into a very small abc wave. If a pullback occurs, the price will face a pullback to 67000-68000; at that time, we must be bold to go long. However, if no pullback occurs, we should hold our long position mentioned above until a new high is broken.
👍 Entry position:
1. A 1-hour solid breakout of the Bollinger middle band, the price may be around 70500-70800. This does not mean you should enter just because you see the price here, but you should enter only when the price solidly breaks the Bollinger middle band.
2. Currently, do not short.
