Bitcoin continues to experience a short-term pullback and remains bearish in the near term. However, it's important to zoom out and recognize that the long-term bullish structure is still intact, even if Bitcoin retraces to $60k. A 15% drop from the previous all-time high of $69k is normal in bull markets, as we've noted in previous Morning Note and Thunder Trading articles. A 20% retracement in bull markets is often part of the natural cycle.
For those who have been in the crypto space for a while, these pullbacks represent golden buying opportunities. The long-term trend remains bullish, but new investors often panic and sell during these dips, only to re-enter the market at higher prices.
My advice during these times is simple: stack Bitcoin. If Bitcoin retraces by 15%, altcoins will likely experience even steeper pullbacks. Your primary holdings should be in Bitcoin until the alt season truly kicks off. There’s still time before that happens, so use this period to dollar-cost average (DCA) into your BTC positions and identify strong altcoins to buy once the market turns around.
If you're worried about missing out, don’t be. Use these dips to strengthen your Bitcoin position before the rally takes off—it's not too late, you’re still early. Now is the perfect time to enter the market if you have long-term confidence in the crypto space. Reach out to your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: GOAT ($0.6433)
Stormrake Spotlight: GOAT ($0.6433)
GOAT is up 30% from yesterday’s Morning Note, currently priced at $0.6433, after reaching a peak of $0.77—a 55% increase. With a market cap of $650 million, GOAT is rapidly approaching the top 100 cryptocurrencies, currently ranked at 126 after peaking at 103 overnight. GOAT could be one of the memecoins poised for longevity, potentially joining the ranks of MOG or even bigger names like WIF, PEPE, or DOGE. As we highlighted in our Thunder Trading article, memecoins are expected to play a significant role in this bull run.
This is a highly speculative memecoin, so proceed with extreme caution and allocate accordingly.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin’s key level of $66.8k, tested four times in the previous day, has been broken, and BTC is currently trading below it. There has been one attempt to reclaim this level, but it has now turned into resistance, and BTC was rejected. The first hurdle is the 21 EMA, which acted as strong support on the way up—now we’ll see if it provides strong resistance on the way down. The next key support for BTC is at $63.8k, with resistance at $66.8k and a confluence of moving averages around $67k. Nonetheless, Bitcoin remains bullish in the long-term structure as long as it holds above $60k.
BTC Total ETF Flows for 23 Oct: $ - 125.1 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Like Bitcoin, Ethereum has broken below its key support level of $2,556 and is now trading between key monthly CPR levels. These levels should provide ETH with support and potential for a bounce, giving it a chance to flip back bullish. However, as Ethereum is not leading the market, its performance will largely depend on Bitcoin. As long as BTC remains short-term bearish, ETH will likely remain even weaker.
ETH Total ETF Flows for 23 Oct: $ - 6.0 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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