Will we have a 10K Bottom on November 7, 2022?
My answer is just to speculate, I could be completely wrong!!!
Since the last ATH at 69K we started the Bear market with impulse and corrective waves.
- First wave of downtrend corrected -52% over 77 days
- The 2nd wave of retracement went up to +46% over 63 days
- Wave 3 at -63% over 77 days
- Wave 4 at +43% over 63 days
- Wave 5 on which we are, and it's very likely to correct more than wave 1 at-52% and +or- wave 3 at -63% this is why I put the 10K which will make -60% in 77 days so after the end of the week of October 31 which will be November 7.
https://www.tradingview.com/x/7OasKUKJ/
A Short Squeeze to the next big spike at 21.5K for a liquidation of $47m before continuing lower, or possible a Long Squeeze first in 19.1K which is closest to the price to take $16.5m and also the 18.5K which is not far the same with 16.5 $million.
The largest spike in the north towards 24K we will see its size once we have reached 21.5K, possible that the shorts will be afraid by closing their positions so as not to be liquidated!!!
The 21.5K is on the key dynamic resistance level tested several times and close to the POC on the volume profile at 21.2K since entering the accumulation range in June 2022.
The 19.1K level is in the key support zone between $18950 and $19300 tested recently and which rejected the price above, and if it continues to dig lower, maybe we will seek the 14.6K!
The Daily is like the Weekly both in a downtrend.
https://www.tradingview.com/x/PDeuHXGB/
Yesterday's Daily close with a red engulfing candle, and even without trying to figure out what the fed chairman said yesterday, the chart speaks for itself, basically the fed will continue to raise interest rates to beat the inflation.
👉 Please follow the links below to the best & Secured Exchanges that I use for trading & often gives rewards for using their platform like Learn & Earn Program, making deposit & Trading on spot or Futures, Trading Competition, ...etc.
📈 Binance: https://www.binance.com/en/register?ref=12258276
📈 FTX: https://ftx.com/#a=1768923
📈 Bybit: https://www.bybit.com/app/register?ref=7Wgmj
📈 Phemex: https://phemex.com/register?group=718&referralCode=BAR9K
📈 Bitmex: https://www.bitmex.com/app/register/xXePh3
📈 Kucoin: https://www.kucoin.com/ucenter/signup?rcode=Kvyf2d
