BTCUSDT October 8 2024
Morning All.
Please note this content is AI generated but the levels are mine
Bearish Scenario:
Resistance at 62435.74: This is a significant supply zone, acting as a strong resistance point. If BTC moves up to this level, it could face selling pressure, potentially leading to a rejection.
Support Levels:
61796.49: This level serves as a key support. If BTC holds above this level, it might prevent further downside.
Uptrend Support:
61558: This is another level to monitor for uptrend support. If BTC can maintain this level, the uptrend remains intact.
Supply Zones:
61204.57: This could also act as a supply area, where sellers might emerge if BTC weakens.
Demand Zones:
61761.447: A demand zone near the support level of 61796.49. This could provide temporary support if tested.
60328.13: If bearish momentum intensifies, this level may serve as a deeper demand zone.
59709.38: The final demand zone in this range, which could be crucial in halting the downside pressure.
Bounce Scenario:
If BTC hits 61796.49 or 60328.13, there is potential for a bounce back toward the 62435.74 resistance level. These demand zones might attract buying interest, triggering a reversal or a short-term rally.
Strategy:
Bearish Side:
Watch the 61796.49 support and the 60328.13 demand zone. If BTC breaks these levels, bearish momentum could accelerate, pushing the price toward the next demand at 59709.38.
Bullish Bounce Potential:
A bounce from either 61796.49 or 60328.13 could lead to a retest of the 62435.74 resistance level.
Keep an eye on volume and price action near these levels for confirmation of direction. This could help you anticipate potential bounces or breakdowns.
Please note this content is AI generated but the levels are mine
Bearish Scenario:
Resistance at 62435.74: This is a significant supply zone, acting as a strong resistance point. If BTC moves up to this level, it could face selling pressure, potentially leading to a rejection.
Support Levels:
61796.49: This level serves as a key support. If BTC holds above this level, it might prevent further downside.
Uptrend Support:
61558: This is another level to monitor for uptrend support. If BTC can maintain this level, the uptrend remains intact.
Supply Zones:
61204.57: This could also act as a supply area, where sellers might emerge if BTC weakens.
Demand Zones:
61761.447: A demand zone near the support level of 61796.49. This could provide temporary support if tested.
60328.13: If bearish momentum intensifies, this level may serve as a deeper demand zone.
59709.38: The final demand zone in this range, which could be crucial in halting the downside pressure.
Bounce Scenario:
If BTC hits 61796.49 or 60328.13, there is potential for a bounce back toward the 62435.74 resistance level. These demand zones might attract buying interest, triggering a reversal or a short-term rally.
Strategy:
Bearish Side:
Watch the 61796.49 support and the 60328.13 demand zone. If BTC breaks these levels, bearish momentum could accelerate, pushing the price toward the next demand at 59709.38.
Bullish Bounce Potential:
A bounce from either 61796.49 or 60328.13 could lead to a retest of the 62435.74 resistance level.
Keep an eye on volume and price action near these levels for confirmation of direction. This could help you anticipate potential bounces or breakdowns.
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