Bitcoin Wick Action - Lower Buy Orders, Downtrend Intact for now

3 Nov 2021

Just looking at the long wicks on the chart based on the action for the last few weeks. Today we had the semi-bullish Taper announcement by the FED (google it, have no time post links). I have drawn some rough meme lines that show an approximate downtrend. I am not encouraging selling, but rather if you do, don't sell too much just in case prices suddenly break out to new highs, say 64000 retaken and held for a day. The areas of interest are in the 50's though, marked with red ellipses, and as low as 57000 (approx) for the greedy among you. I have actually filled most of my orders on the way down today for BTC, have a couple still outstanding in the mid-to-high 50s though and I have a feeling that those will be filled as most long wicks are re-tested and often broken lower with a downtrend.

In any event I most certainly am not buying at these prices, and would advise against buying any rip we get from here with a large tranche of capital, if you must, consider layering buy orders instead, and track and modify them as needed. Sometimes we have to go down before we go higher.

4 Nov 2021

Catatan

I should have been shorting or at least selling more as we've been going down, but unfortunately a block of time I had available for the last two days was lost due to an emergency. Nevertheless, I still have a few orders left that I had placed at the time of sales prior to this dip.



I would say the target of this dip should reach at least the top of this rectangle, and possibly to the bottom of it near 57K. Happy buying if you have bids.