Bitcoin Weekly, Monthly; The CPI, Bullish & China
2024-10-02

The first day of the month starts red. Bitcoin closing September green is not good, this is bad my friends. If Bitcoin had closed September red, we might have the possibility of a green October, but now that September closed green, the bearish potential moves to this month...

How are you feeling in this beautiful day?
I hope you are having a wonderful new week.

I would love to see Bitcoin growing and a bullish chart, this would be great for me personally and for my business, but the truth is the truth and it cannot be denied.

Professional day-traders have a trading method based on the first minute, the first hour, the first day of trading. Let me explain.

They track the trading session closely at the open, if the first minute the action is bearish, this coupled with support/resistance and candlestick reading, they become bearish for the day. If the action starts green, they go bullish.

This method is also applied to higher timeframes, but it isn't of much value. If the day of the month starts red, big red as it is happening now, it is just bad... When will the correction be over?

We want a bullish Bitcoin and we want to see Bitcoin going up, but it has been bearish months. Surely, the market does not care about our ideas, our beliefs, our assumptions, our wants. When it is going down it goes down, when it decides to go up, it goes up.

It doesn't matter about the halving, nor the CPI nor the FED. 

We want to see Bitcoin grow but the chart is saying down, and this we can easily tell, so, what do we do?

Do we accept reality, accept the chart and prepare for what is coming? Or, do we just ignore the data and fool ourselves?

Can we just say, "never mind, it is going up, because (insert made up excuse here)..." and just ignore the clear warnings coming from the markets, the world, the charts. Or do we adapt to market conditions as they take place?

I want to see Bitcoin grow but this does not change the fact that soon it will be 7 months going down, lower highs and lower lows, not going up.

➢ MA200 weekly is set to be tested as support next. This is a price range between 38,000 and 42,000. That is what the chart is currently saying.

As soon as the next low hits, go bullish; do you understand?
As soon as the next drop is in, that's the time to go bullish, not now!

Thank you for reading.

Your support is appreciated.

Namaste.