MARKET UPDATE - 14TH OCTOBER, 2024 - $66,000 BTC!

Hello my friends,

Please kindly open the chart above. We have been following it for months now.

You’ll clearly see that Bitcoin just struck $66,000. However, it’s still ranging in a macro descending channel. So far the only technical proof we have of bullish momentum is that the $65,000 higher high was breached on the micro scale.

However on the macro scale, the diagonal resistance (green line) hasn’t been breached and tested as support. In addition to that, the macro lower high from the $74,000 top at $70,000 hasn’t been reclaimed and weekly candle hasn’t closed above it. That’s the horizontal purple line. I want to see a clean breach of that at $71,000 (horizontal red line) and then a higher low than $58,000. That’s when we will have a confirmation of a bullish reversal and have technical proof of it. Until then, as you can see, BTC is still ranging in the diagonal macro channel (yellow and green diagonal lines). No clean break of it and no clean beach of it so far.

The good news is that currently October has turned green, in the middle of the month. This is important, because historically Q4 (especially October leading into the New Year’s) has been bullish in every single bull market. The only times that wasn’t the case was when BTC wasn’t in a bull market, meaning it was in a bear market but not many understood that yet until the obvious roughly 80% crash came.

Also, it’s important because as I’ve reiterated many times, October historically has been the most bullish month in crypto. So we want it to be bullish now in 2024, otherwise the market is acting differently.

It’s important to see BTC reclaim $71,000 and make a higher high and higher low because despite having sold all my BTC and ETH as a hedge against my own bullish bias (as well as taken many profits with $99 tier coins and some with MS coins), BTC leads the market and then some alts follow. Not all. That’s why we diversified in many different alts with different narratives.

So, let’s stay levelheaded and curb our enthusiasm and just observe the price action of BTC. Twitter (X) is ecstatic as always with every $1,000 BTC move, but the truth is even if Bitcoin were to pump to $100K right now, that would only be a 50% move from the current price. Good swing trade but on the macro scale, small pump.

Let’s be patient, emotionless and wait. Our main focus is to take profits when pumps begin. If BTC breaks out, I’ll see if there are any more quick opportunities out there with other coins and add the plays to the $99 tier. Quick swing plays before the market cycle comes to and abrupt end that will result in massive crashes. As always.

Sending my love🤜🏻💚🤛🏻🙂