PivotBoss Pre-Market Video [NOV 12, 2024]: 114K Target for BTC?

NOVEMBER 12, 2024 — TUESDAY AM

The ES, NQ, and YM are trading within mostly narrow ranges ahead of the RTH open, as 2-day compressions play out ahead of CPI and PPI data later this week. The market is in a holding pattern ahead of those reports. As such, look to fade the edges with short term targets, and an upward bias. Crude Oil remains bearish, and could still be headed to 66 and 64 below. Gold hit 2600, but fell just shy of filling the naked FOMC key level at 2594.4. An pullback could offer another selling opportunity in Gold until a strong low develops. BTC hit a new all-time high above 90k, but is beginning to show a decent strong high. ETH is putting in a similar high after pushing beyond 3450. If these highs remain intact, we could be seeing the beginning of developing key ranges in both BTC and ETH, which would give us fresh upside targets. As of right now, those targets would be 114k for BTC and 4600 for ETH.

Cheers!

Frank Ochoa
Author, Secrets of a Pivot Boss

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