BTCUSDT 01 Nov 2022 Long Term Analysis (Daily)
Following a large number of requests here is my 01 November 2022 long term $BTC / $USDT analysis. #BTC
I have made this analysis of the BTC USDT in order to determine a safe entry point for a long term investment.
To date (01 Nov 2022) I have deduced that the market offers two scenarios. The first one (the most likely one in view of the geopolitical and economic conditions from a macroeconomic point of view) would be a continuation of the decline. I estimated the latter using the Crypto Fear & Greed Index of the alternative.me website with a 70% chance of realization.
The second, less likely scenario would be following the pump that we had this week a reversal of the trend in order to go back up on the long term. 30% chance of success.
I have determined that the red scenario has a better chance of happening for various reasons:
- Firstly the global economic conditions do not allow for a bullish reversal.
- Secondly, we have a bearish divergence in the daily chart this week.
- Thirdly the $18500 / $22500 range has not had a confirmed breakout with enough volume to speak of a long term reversal.
- Fourth, the failure of last week's pump at the $20,800 resistance.
At this time with the information we have I recommend not to buy BTC.
Of course I would like to remind you that I am not a fortune teller, nobody can know how the market will behave. However, we can analyze it and with the help of the past and statistics, try to find the best entry and exit points
However, if you have any questions, I remain at your disposal in the comment space.
THIS IS NOT INVESTMENT ADVICE
I have made this analysis of the BTC USDT in order to determine a safe entry point for a long term investment.
To date (01 Nov 2022) I have deduced that the market offers two scenarios. The first one (the most likely one in view of the geopolitical and economic conditions from a macroeconomic point of view) would be a continuation of the decline. I estimated the latter using the Crypto Fear & Greed Index of the alternative.me website with a 70% chance of realization.
The second, less likely scenario would be following the pump that we had this week a reversal of the trend in order to go back up on the long term. 30% chance of success.
I have determined that the red scenario has a better chance of happening for various reasons:
- Firstly the global economic conditions do not allow for a bullish reversal.
- Secondly, we have a bearish divergence in the daily chart this week.
- Thirdly the $18500 / $22500 range has not had a confirmed breakout with enough volume to speak of a long term reversal.
- Fourth, the failure of last week's pump at the $20,800 resistance.
At this time with the information we have I recommend not to buy BTC.
Of course I would like to remind you that I am not a fortune teller, nobody can know how the market will behave. However, we can analyze it and with the help of the past and statistics, try to find the best entry and exit points
However, if you have any questions, I remain at your disposal in the comment space.
THIS IS NOT INVESTMENT ADVICE