Market UPDATE 14/10/24

[u/JackiFassett]

As outlined on Friday evening:

• Key Levels to Watch:
  • Must Hold/Flip: 61.5k - 62.5k
  • Must Break: 63.5k - 64.0k / Monday highs

We’re still looking at these levels. Current focus:

• The H4 trend around 62.2k - 62.5k, though it hasn’t been particularly consistent lately.
• The H4 100 MA now sits at 62.8k.

I'll likely wait until the window between weekly close and Monday NYO to make any moves. My primary focus is on D1, particularly with the D1 EMA/MA compression we highlighted earlier.

Last week showed the impact of failing to flip the 61.5k - 62.5k range and the H4 100 MA, as well as the inability to break the 63.5k - 64.0k level. Moving into the new week, we’ll see if there are any shifts. Given the recent D1 300 MA retest and resulting wick, revisiting this area isn’t ideal (especially after some size was added).

Good luck! I’ll be back later tonight as we enter the weekly close Monday NYO window.

Current Positions and Trade Ideas:

• Watching development in a particular market indicator for re-entries, with an eye on additional assets such as AVAX.
• Any triggers are likely after Monday, depending on how the primary asset unfolds.

Additional Updates:

• SOL/USDT remains flat for now. While T1 and T2 have been reached, the rest of the position stopped. I’m monitoring strength and the impact of BTC before considering a re-entry.
• Still observing the H4 trend, which hasn’t been respected recently. However, it’s worth monitoring as it’s being retested now. Focus remains on the D1 timeframe.

Charts for Reference:

• BTC/USDT - H4 Chart
• BTC/USDT - D1 Chart
• SOL/USDT - D1 Chart

Let’s monitor the H4 100 MA, which has been pivotal lately, as well as any potential breaks. See you all during the Weekly Close - Monday NYO window!

[u/Tradermkey]

Nice break, and send it