In a recent video on the Cheeky Crypto YouTube channel, analyst JB discussed the importance of the monthly close for Bitcoin (BTC) on October 31st. He analyzed Bitcoin’s price movements and discussed the following key points:
- ABCDE pattern in fourth wave: JB identified an ABCDE pattern within the fourth wave of Bitcoin’s Elliott Wave cycle. He noted potential support levels at $33,814.95 and $33,631.
- Downside prediction: Based on the ABCDE pattern, JB suggested that Bitcoin may experience a further downside to around $33,814.95 to $33,631.
- Upside potential: Despite the potential downside, JB also considered the possibility of a bullish move toward $35,790.
- Technical indicators: JB discussed technical indicators such as the Stochastic RSI, EMA, and volume to analyze Bitcoin’s current position. He noted that the Stochastic RSI is overbought, suggesting that a correction may be imminent.
- CME gaps: JB highlighted the significance of CME gaps and mentioned the last remaining gap between $9,925 and $9,735. He speculates on when and if Bitcoin might fill this gap.
- Fair value gaps: JB discussed fair value gaps on Bitcoin’s weekly chart, mentioning a potential target area of $8,155 to $8,386.
- Fibonacci retracement levels: JB also discussed Fibonacci retracement levels and possible price movements. He noted that there is an unfilled order block for Bitcoin between $12,529 and $11,693.
- Monthly close: JB emphasized the importance of the monthly close for Bitcoin on October 31st. He noted that the bulls have had a good month so far, but a close below $31,900 could be bearish for Bitcoin.
JB concluded the video by emphasizing safe trading practices and encouraging feedback from viewers.