$BTC Bitcoin is about to close the monthly line today, let's analyze the possible trends ahead❗️
1. From the monthly chart, the MACD momentum is about to turn upwards, and it can be seen that the momentum is currently at a low compared to the previous bull market peak of 70000, indicating there is still significant room for growth. Therefore, we can look at the prices for November-December optimistically‼️
2. From the weekly chart, it has been confirmed that we have exited a six-month descending channel, and it is highly likely we will see a triangular breakout. ⚠️However⚠️, we need to observe this week's trading volume. With just 200 points away from a new high, the volume appears to be slightly insufficient. This indicates that it may be challenging to break through the new high in the coming week. Additionally, we can make a bold prediction that during the beautiful country's election week in November, regardless of who wins (Trump winning could turn positive news into negative/Ha winning would be directly negative), it could lead to a price retracement of 3000-5000 points in the first week of November‼️ Please note⚠️ If this happens, it will be the best entry point for everyone in this bull market‼️
👍 Entry Position
1. I still watch the price behavior after the Bollinger midline touches on the 4-hour level. If it rebounds after closing, go long; if it closes below, go short. The price is estimated to be around 71000-72000. ⚠️ Please note, if it ends up being a short position, be sure to take profit and exit if the price retraces to around 68500-69000.
2. Long position, as mentioned above, if the Bollinger midline closes with a strong rebound, go long. If a retracement occurs first, we will remain patient and wait for the price to retrace to around 69000 and observe the volume and price action before deciding. Note: 69000 is currently the Fibonacci 0.616 position.
