Quick summary
Bitcoin pulled back, with limit orders open from $74,100 down
You don’t really want to go lower than $75,000
A move to $79,000 keeps the cup and handle; November 18th marked
Store of value intact, but gold is more bullish than Bitcoin
This video was recorded live on Nov 6 and this article published Nov 7. If you’d like to catch these sessions live, we’d love it if you followed and hit the bell. Live viewers get the levels first.
Some influencers are happy every time Bitcoin goes down. Why would you be want the price to go down?
Bitcoin Solves a Very Major Problem
We know Bitcoin is volatile. We know it can go to $60,000. But just look at Paraguay. Many people were locked out of their accounts, and now they have to wait for the central bank to give them their money. If you had your Bitcoin on a cold wallet, you’re insulated.
On Nvidia, someone bought on October 15th and went down 20% from his entry. Our limit order sat there for 22 days, went through, and two hours later we were up 4.79%. We don’t know what’s going to happen. All we know is we have our limit orders open.
What We Covered
Bitcoin: You don’t really want to go lower than $75,000. If the cup and handle holds, we get a move to $79,000, with November 18th marked down.
Limit orders: $74,100, $72,200, $70,000 and $69,500, with the ultimate lows at $66,000 and $64,000.
Bitcoin vs gold: Gold is more bullish than Bitcoin is bullish at the moment. That’s my biggest concern.
Tesla: It’s a delayed Nvidia, with limit orders all the way down at $135 and $122 starting at low $200s.
DOG: It came to our October 27th limit and went up 17%. You had one hour to catch it, at 11 at night and a limit order we identified days ago as our entry. That limit hit 17%.
ETH vs Bitcoin: I expected the wedge to break by August 7th. It didn’t, and that’s bullish for Ethereum.
Bitcoin is a store of value, and what we have now is what we have.
Sources:
Recorded live Nov 6.
FAQ
What level does Bitcoin need to hold?
$75,000. You don’t really want to go lower than that. If the cup and handle is to really hold out, we should get a move up to $79,000, then come back down to anywhere higher than $75,000, and maybe move to the upside on November 18th or within three days of it.
Where are the Bitcoin limit orders?
$74,100, $72,200, $70,000 and $69,500, and the ultimate lows are $66,000 and $64,000. I really do expect limit three and limit four to wick down if we get some terrible news. Other than that, limit two around $72,000 to $73,000 should be enough.
What’s the upside target if the cup plays out?
$85,000 to $87,000 first. If the entire cup plays out, that’s about 25%, which takes us to $99,000, maybe between November 18th and mid December.
What happened in Paraguay?
Many people were locked out of their accounts, and now they have to wait for the central bank to give them their pocket money. If you had your Bitcoin on a cold wallet, you were insulated. If you’re middle class, you should have 0.0 something of a Bitcoin, so if something happens to your bank account you can go into your own private account and make a transfer.
How did the Nvidia limit order play out?
We had two limit orders, at $182 and $176, sitting there since at least October 15th. Someone who bought on October 15th thinking AI is the future went down 20% from his entry. Our order went through, and two hours later we were up 4.79%, all because we waited 22 days. Receipt, Nov 6: Hit. The order filled during the stream day.
What happened with ETH’s ascending wedge?
I made a post thinking ETH was bearish against Bitcoin because of the ascending wedge, and I expected something by August 7th. It didn’t happen. On August 19th, ETH broke out 12% more than Bitcoin did. The fact that it didn’t do what I said means it’s bullish for Ethereum, and if it finds support at 0.028, it might see another candle like that.
Disclaimer
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
More like this
Written by
Andrew Kamsky
Andrew Kamsky is a Bitcoin analyst. He spent a decade in traditional finance across a Big Four firm and a listed fintech bank before going deep on Bitcoin full-time.
