✍️ Weekly Trade Plan & Recap 3rd - 8th November
Our long-term plan for Bitcoin. The key S&P 500 level you need to know about. Why we're still bullish on Gold & Silver. Plus analysis for the Dollar Index, Euro, Gold, Silver, S&P 500, Bitcoin & Doge.
For months now, members have been privy to our Bitcoin plan with a 61,900 entry published well in advance.
I thought it was time to share our plan with the larger audience, so here it is…
Bitcoin
Notice on the monthly chart below, how Bitcoin has respected the large purple channel. The channel was projected using the April and November 2021 highs and the June 2021 and January 2022 lows.
From February to October, the market started to form a Bull Channel. Originally it held at the brown support line and later spiked three times into the low of the large purple channel in confluence with weekly Demand.
I alerted members with an (unleveraged) long entry at 61,900 and a target of 90k. It’s no coincidence the top of the channel is where we have placed our target.
Timing is a difficult thing with Bitcoin, so our original target timeframe of the US November elections is likely to be delayed and we may see our target by Christmas.
One warning: I expect a large drop soon after the target is reached, back down to the bottom of the channel at 62k and the brown/white support line.
From there, we may see another move up to 102,136 where the top of the channel meets Fibonacci confluence.
S&P 500
After heavily scaling our long-term (and profitable) swing long positions in the S&P 500, last week I warned members that we may be in for a drop. Here’s the original chart from my Substack chat:
… and below is how the chart looks now.
A spike through the previous all-time high (brown line) which is now support is a distinct possibility:
When the market spikes support, the natural question is “what happens next?” - we’ll cover that in full detail in the members section below.
If you’re not yet a member, consider joining before the subscription price increases - you’ll learn how I analyse the markets and see details on current market charts you may never have considered. Members lock in the joining price for life with no price increases… ever.
Next up, we’ll take a look at the Dollar Index, EUR/USD, GBP/USD, Gold, Silver, S&P 500, Bitcoin, Dogecoin, Chainlink and Cardano. 👇🏼👇🏼👇🏼