Resistance and Support Levels:
An area around $100,000 has been identified as a resistance level.
The range of $83,500–$86,000 is viewed as a strong support zone, from which the price has recently bounced back.
Ichimoku Indicator:
The price has recently entered the Kumo cloud, indicating a highly volatile and uncertain zone.
If the price stabilizes above the cloud, further upward movement is possible; however, failure to hold above it increases the likelihood of a retreat toward the support levels.
HARSI Indicator (Modified RSI):
It has been in the overbought territory and is currently undergoing a correction.
The price may experience a slight pullback before reaching a suitable level for re-entry.
Comprehensive Analysis of Bitcoin and Dominance (BTC.D) Based on Submitted Charts
Bitcoin Daily Chart (BTC/USDT - 1D)
✅ The price has recently rebounded from the support range of approximately $83,500–$86,000, showing strong upward movement.
✅ It has not yet managed to break through the resistance zone of $92,000–$94,000.
✅ The Ichimoku cloud indicates that the price is in an uncertain area, with no clear trend established yet.
✅ The HARSI indicator has exited the oversold region, signaling positive momentum.
📌 Summary: Bitcoin is currently trading within a range. If it stabilizes above $92,000, it could target $97,000–$100,000. However, if the $86,000 support level is lost, a decline toward $75,000–$72,500 becomes probable.
Bitcoin Dominance Chart (BTC.D - 1D)
✅ Bitcoin dominance is fluctuating between 60%–61%.
✅ It remains above the Kumo cloud, though its movement has weakened and turned neutral.
✅ A decline in dominance could lead to stronger performance from altcoins, while an increase might fuel a better rally for Bitcoin.
📌 Summary: The dominance trend is not currently bearish, but it also lacks clear bullish strength. If it stabilizes above 63%, the market could shift further toward Bitcoin. Conversely, a drop below 60% would likely bolster altcoin growth.
Analysis Considering the Trading Node at $62,000 on the 4-Hour Chart as of October 14, 2024:
Given that a trading node remains at $62,000 on the 4-hour chart from October 14, 2024, there’s a possibility the market may revisit that level. Such zones are typically considered Liquidity Voids, which the market tends to fill.
🔹 Bearish Signals Confirming a High Probability of a Decline:
✅ Strong Bearish Candles: Indicating intensified selling pressure.
✅ Technical Signal to Fill the Missed Kumo Zone: Markets often gravitate toward areas with unclaimed liquidity.
✅ $62,000 as a Key Technical Level: It could serve as a magnet for liquidity and potentially trigger a trend reversal.
🔸 Fundamental Factors That Might Prevent a Decline:
✅ White House Conference and Positive Signals: Suggesting potential bullish sentiment.
✅ Likelihood of New Liquidity Entering the Market in the Coming Days: Could bolster price stability or growth.
📌 Conclusion:
If selling pressure persists, there’s a chance the $86,000 level will be tested and breached, potentially leading to a deeper correction toward $75,000–$72,500.
However, if fundamentals take the upper hand and strong liquidity flows in, we could see a swift price recovery.
Overall Conclusion and Proposed Strategy
🔸 Bullish Scenario: Consolidation above $92,000 = Potential rise to $97,000–$100,000.
🔹 Bearish Scenario: Breach of the $86,000 support = Potential drop to $75,000–$72,500.
💡 Proposed Strategy:
1️⃣ If bearish candles close with high volume, look for a short position targeting $75,000–$72,500.
2️⃣ If a strong support reaction is observed near $86,000–$83,500, it could present a buying opportunity.
3️⃣ Keep an eye on fundamental news, as it could alter the trend.
An area around $100,000 has been identified as a resistance level.
The range of $83,500–$86,000 is viewed as a strong support zone, from which the price has recently bounced back.
Ichimoku Indicator:
The price has recently entered the Kumo cloud, indicating a highly volatile and uncertain zone.
If the price stabilizes above the cloud, further upward movement is possible; however, failure to hold above it increases the likelihood of a retreat toward the support levels.
HARSI Indicator (Modified RSI):
It has been in the overbought territory and is currently undergoing a correction.
The price may experience a slight pullback before reaching a suitable level for re-entry.
Comprehensive Analysis of Bitcoin and Dominance (BTC.D) Based on Submitted Charts
Bitcoin Daily Chart (BTC/USDT - 1D)
✅ The price has recently rebounded from the support range of approximately $83,500–$86,000, showing strong upward movement.
✅ It has not yet managed to break through the resistance zone of $92,000–$94,000.
✅ The Ichimoku cloud indicates that the price is in an uncertain area, with no clear trend established yet.
✅ The HARSI indicator has exited the oversold region, signaling positive momentum.
📌 Summary: Bitcoin is currently trading within a range. If it stabilizes above $92,000, it could target $97,000–$100,000. However, if the $86,000 support level is lost, a decline toward $75,000–$72,500 becomes probable.
Bitcoin Dominance Chart (BTC.D - 1D)
✅ Bitcoin dominance is fluctuating between 60%–61%.
✅ It remains above the Kumo cloud, though its movement has weakened and turned neutral.
✅ A decline in dominance could lead to stronger performance from altcoins, while an increase might fuel a better rally for Bitcoin.
📌 Summary: The dominance trend is not currently bearish, but it also lacks clear bullish strength. If it stabilizes above 63%, the market could shift further toward Bitcoin. Conversely, a drop below 60% would likely bolster altcoin growth.
Analysis Considering the Trading Node at $62,000 on the 4-Hour Chart as of October 14, 2024:
Given that a trading node remains at $62,000 on the 4-hour chart from October 14, 2024, there’s a possibility the market may revisit that level. Such zones are typically considered Liquidity Voids, which the market tends to fill.
🔹 Bearish Signals Confirming a High Probability of a Decline:
✅ Strong Bearish Candles: Indicating intensified selling pressure.
✅ Technical Signal to Fill the Missed Kumo Zone: Markets often gravitate toward areas with unclaimed liquidity.
✅ $62,000 as a Key Technical Level: It could serve as a magnet for liquidity and potentially trigger a trend reversal.
🔸 Fundamental Factors That Might Prevent a Decline:
✅ White House Conference and Positive Signals: Suggesting potential bullish sentiment.
✅ Likelihood of New Liquidity Entering the Market in the Coming Days: Could bolster price stability or growth.
📌 Conclusion:
If selling pressure persists, there’s a chance the $86,000 level will be tested and breached, potentially leading to a deeper correction toward $75,000–$72,500.
However, if fundamentals take the upper hand and strong liquidity flows in, we could see a swift price recovery.
Overall Conclusion and Proposed Strategy
🔸 Bullish Scenario: Consolidation above $92,000 = Potential rise to $97,000–$100,000.
🔹 Bearish Scenario: Breach of the $86,000 support = Potential drop to $75,000–$72,500.
💡 Proposed Strategy:
1️⃣ If bearish candles close with high volume, look for a short position targeting $75,000–$72,500.
2️⃣ If a strong support reaction is observed near $86,000–$83,500, it could present a buying opportunity.
3️⃣ Keep an eye on fundamental news, as it could alter the trend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.