Anthony Ferrara

$BTC daily Clean reactions within the descending broadening wedge on both CME futures and the ETFs. This pattern favors a breakout towards $90K. All nearby CME gaps have been filled. The closest remaining gaps are $85K and $73K. The only paths to $73K are a breakdown of this pattern, or a long slow grind lower into year end. The former appears unlikely, but respect the potential for the slow grind lower until this pattern breaks out. The silver lining to the slow grind scenario is that it would be entertaining to punish those who tried to buy the "4-year cycle low" on October 5th. And at the same time, never give them the opportunity to buy at the low prices where we built our stacks earlier this year. Let's see how we react to FOMC today and through the last few days of October, to get a better sense of direction into November.