Long-time followers may remember the two Gann timing lows we discussed in last week's video. The first was in early October. In the early hours of October 9, $BTC made a low at 80393, followed by a V-shaped rebound ✅
Has the pullback ended? What should we look for next?
The rise from 74967 to 87395 lasted 6 days, while the pullback from 87395 to 80393 took 16 days. If the move from 87395 to 80393 is a daily-level pullback, then price must not fall below 80393 again, and it must break above 86000 and hold there.
If price fails to make a high above 87395 or falls below 80393 again, either would indicate that the move starting from 87395 is a weekly-level pullback. In that scenario, the October 9 low identified by Gann timing is of a smaller degree, and the move from that low is a rebound. Once the rebound ends, the decline will continue into early November.
If the move starting from 87395 is a weekly-level pullback, the structure can be broken down as follows: 87395–80393 is the first decline, at the daily level. The rise from 80393 is a rebound against that decline (shown in the green box in the chart). Once the rebound ends, there will be another decline of the same degree as the move from 87395 to 80393. After the entire weekly-level pullback reaches its endpoint, BTC will begin its next weekly uptrend, which will be much stronger than the move from 57800 to 87395.
We discussed this outlook in Sunday's video. As time passes, this possibility is becoming more likely. Regardless, once the pullback that began at 87395 ends, the price will continue to rise.
We do our best to provide objective analysis of BTC's price action and publish an update every day. I share my personal views, real-time market analysis, and trading strategies in Panda's Den ➡️
Has the pullback ended? What should we look for next?
The rise from 74967 to 87395 lasted 6 days, while the pullback from 87395 to 80393 took 16 days. If the move from 87395 to 80393 is a daily-level pullback, then price must not fall below 80393 again, and it must break above 86000 and hold there.
If price fails to make a high above 87395 or falls below 80393 again, either would indicate that the move starting from 87395 is a weekly-level pullback. In that scenario, the October 9 low identified by Gann timing is of a smaller degree, and the move from that low is a rebound. Once the rebound ends, the decline will continue into early November.
If the move starting from 87395 is a weekly-level pullback, the structure can be broken down as follows: 87395–80393 is the first decline, at the daily level. The rise from 80393 is a rebound against that decline (shown in the green box in the chart). Once the rebound ends, there will be another decline of the same degree as the move from 87395 to 80393. After the entire weekly-level pullback reaches its endpoint, BTC will begin its next weekly uptrend, which will be much stronger than the move from 57800 to 87395.
We discussed this outlook in Sunday's video. As time passes, this possibility is becoming more likely. Regardless, once the pullback that began at 87395 ends, the price will continue to rise.
We do our best to provide objective analysis of BTC's price action and publish an update every day. I share my personal views, real-time market analysis, and trading strategies in Panda's Den ➡️