Mr. Anderson

Quick BTC Update Well, we finally lost that support level that had been holding up like a champ. It survived quite a few tests, and then along comes Binance with what is apparently becoming its annual October surprise. 😂 The difficult part right now is that we really don’t know how much damage has been done or whether everything is even contained yet. There have been reports of continued issues and frozen funds, and it’s hard to know exactly what’s happening. Even people who want to buy may understandably sit on their hands until the dust settles a little. But the chart is still the chart. We lost the level, and as we’ve discussed, that opens the door to the $73K–$75K area unless the bulls can reclaim what they just lost. Ideally, we’d like to see that reclaim happen relatively quickly, perhaps tomorrow. On the bullish side, I think the situation could become pretty simple. If Bitcoin can recover the price area where this whole Binance mess started and hold it, we could be right back in a position to challenge $87K, potentially higher. But that’s something buyers still need to prove. On a personal note, I took a pretty decent loss today, probably my first sizable one in quite a while. The way everything unfolded caught me, and at some point I decided to cut it. It happens. You take the loss, protect your capital, and move on. I have since opened another position in the $77Ks, but let me explain that a little. This is just a small first ladder, not some big conviction trade. I’m comfortable giving this one room through a potential $73K–$75K test, even somewhat below that area if necessary, because I’ve sized it accordingly. The idea is simply to have a little exposure in case we get some kind of sharp overnight reversal while I’m sleeping. If that happens, great, I’m participating. If we move lower instead, it’s a small enough position that I can manage it without getting myself into trouble. For most people, I’d honestly just wait this out. Let things settle. Let the market show us where buyers are actually willing to step in. There is absolutely nothing wrong with waiting for a cleaner reaction, especially with so much uncertainty surrounding this event. It’s still very fresh, and I want to see how everything develops. I’ll get another market update out tomorrow once we’ve had a little more time to evaluate things. Stay safe out there, guys. Protect your capital. There will always be another trade.

😂 The meme is hilarious. And I'm sure it's all in good fun. But man, it's a great reminder to be careful with bias. Bitcoin went from $58K to $87K, then pulled back to $76K. That's a 50% rally followed by a 13% pullback. Still 31% above the lows. Funny how the 50% rally can become almost irrelevant, but the 13% pullback suddenly proves the entire bearish narrative. Price can go anywhere from here. Just don't let your need to be right determine what you see on the chart.