BTC trying to look promising
2024-11-01

BTC did manage to break out of the descending channel and did pull back on the previous ascending trendline as I pointed out in my last post would be likely.

What does this mean?  At minimum it means less likely to see a dramatic fall, very possible to keep moving upwards in a slightly lower ascending channel.  Its a sign of early correction.  We never did hit what we expected to be top of a very long term ascending channel earlier in the year so I suspect we will slow roll there over time now, maybe reaching that point later this year or early next year.That puts our top somewhere around $83/$84k until we are likely to see the real long term pullback or hyperbolic break out.  Since that resistance has held for years, we should expect a pull back but again that is likely months away.  In the meantime I am hopeful that a slow climb without drastic falls will help Alts run a bit.

I am still rating this neutral even though it is probably more bullish than bearish over the coming months, but its still a relief over the repeated bearish calls I have made for a lot of this year.

Also we cant rule out that the election results in the US could also play a role in this chart and could even cause it to break some lines up or down but really neither of these candidates are anti-crypto so I wouldn't expect anything ground shaking but in the long term, anything that results in significant weakening of the Dollar as the currency of trade and reserve has the potential to lift crypto. So in short this election could affect crypto long term but I dont anticipate it will short term unless maybe there is a very extreme occurrence this cycle, even more extreme than last cycle.

Here is a zoom out so you can see where and why I see $83/$84k as the make or break for long term action.  

As always, DYOR, use stop losses and trailing stop losses, and pay attention to BTC when trading any crypto.