BTC/USDT Update
BTC/USDT Technical Analysis Update
Date: 10/24/2024
Author: Crypto Rado ( Rhino aka Bear )
Timeframe: 1H & 4H
🔹 Overview:🔹
Bitcoin has successfully hit the 65.4K target, as expected, and has since bounced with a bullish divergence on the 1H timeframe, suggesting a potential short-term momentum reversal.
🔹 Key Levels:🔹
🔹 Scenarios:🔹
Bearish Case: A confirmed breakdown below 65.4K could drive the price towards 63.7K and 62.6K, with larger downside targets at
48K to 40K if bearish momentum continues.
Bullish Case: If Bitcoin breaks above 69.8K, the next major upside targets are between 100K and 110K, signaling a continuation of the bullish trend.
Disclaimer:
⚠️ This is not financial advice. All information is for educational purposes only. Conduct your own research and understand the risks before making any trades.
Date: 10/24/2024
Author: Crypto Rado ( Rhino aka Bear )
Timeframe: 1H & 4H
🔹 Overview:🔹
Bitcoin has successfully hit the 65.4K target, as expected, and has since bounced with a bullish divergence on the 1H timeframe, suggesting a potential short-term momentum reversal.
🔹 Key Levels:🔹
- Resistance Zone: 68K–68.5K (Aligns with the 0.615–0.786 Fibonacci retracement on 1H)
- Support Zone:65.4K (Breakdown level)
- Point of Control (POC): 67.3K (Volume-driven key level)
🔹 Scenarios:🔹
Bearish Case: A confirmed breakdown below 65.4K could drive the price towards 63.7K and 62.6K, with larger downside targets at
48K to 40K if bearish momentum continues.Bullish Case: If Bitcoin breaks above 69.8K, the next major upside targets are between 100K and 110K, signaling a continuation of the bullish trend.
For now, the market structure appears corrective rather than fully bearish, and I will wait for clearer price action before making further trading decisions.
Disclaimer:
⚠️ This is not financial advice. All information is for educational purposes only. Conduct your own research and understand the risks before making any trades.
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