Bitcoin Update – Monday, 09.09.2024
Bitcoin Update – Monday, 09.09.2024
As-salamu alaykum and Good Morning to All Brothers and Sisters,
This past weekend, #Bitcoin made some impressive moves, but we are still below the first resistance level on the 4-hour timeframe. As the U.S. markets open today, there's a possibility that #Bitcoin could break through this initial resistance and move towards the second one. I've updated the support and resistance levels according to the recent dump, and these lines will help us track the market's next move.
What's Next?
If Bitcoin manages to break through these resistance levels, we could see a solid uptrend forming from this point. However, if it fails to do so, we might experience another pullback. At the moment, we're sitting at the bottom of our designated yellow area, which I believe could act as strong support for now. The price may hold in this zone, but it's crucial to watch closely as the day unfolds.
#Alts (Altcoins)
As I mentioned in my last analysis, I'm waiting for the first resistance breakout before giving any new buy signals for altcoins. Right now, the movement is uncertain, and it's best to remain cautious. I recommend waiting for today's candle to close before making any new entries. Insha’Allah, once the market gives us a clearer direction, we can proceed accordingly.
I wish everyone a very profitable and successful week ahead. Stay patient and keep your eyes on the charts!
As-salamu alaykum and Good Morning to All Brothers and Sisters,
This past weekend, #Bitcoin made some impressive moves, but we are still below the first resistance level on the 4-hour timeframe. As the U.S. markets open today, there's a possibility that #Bitcoin could break through this initial resistance and move towards the second one. I've updated the support and resistance levels according to the recent dump, and these lines will help us track the market's next move.
What's Next?
If Bitcoin manages to break through these resistance levels, we could see a solid uptrend forming from this point. However, if it fails to do so, we might experience another pullback. At the moment, we're sitting at the bottom of our designated yellow area, which I believe could act as strong support for now. The price may hold in this zone, but it's crucial to watch closely as the day unfolds.
#Alts (Altcoins)
As I mentioned in my last analysis, I'm waiting for the first resistance breakout before giving any new buy signals for altcoins. Right now, the movement is uncertain, and it's best to remain cautious. I recommend waiting for today's candle to close before making any new entries. Insha’Allah, once the market gives us a clearer direction, we can proceed accordingly.
I wish everyone a very profitable and successful week ahead. Stay patient and keep your eyes on the charts!
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