**Bitcoin Update – Wednesday, 02.10.2024**
**As-salamu alaykum and Good Morning to All Brothers and Sisters!**
Yesterday, #Bitcoin took a sharp dive, failing to reach our last resistance level (the Red Line). It was first blocked by the Blue and Black zones, and then eventually by our Yellow Area. As expected, we’re now seeing a bit of retracement before the market decides on the next major direction.
**What's Next?**
In the chart, I’ve marked key support and resistance levels that are crucial to understanding where we currently stand. As I highlighted in my last analysis, if the price confirms a breakout below the Black Line (Arrow #3), we could see Bitcoin drop further, potentially reaching the second daily support level (Arrow #5). Along the way, we also have the Yellow Area, which could act as a temporary support zone. However, I believe we might still see at least a wick hitting the second support.
The critical level to watch is **59191**. Losing this would signal the worst-case bearish scenario, and a deeper decline could follow. On the flip side, the bullish scenario is straightforward: if we break through both Blue Resistance levels, we could see a trend reversal, signaling the start of a new uptrend. Until that happens, I strongly recommend holding off on any new buy positions.
**#Alts (Altcoins)**
Altcoins, as usual, are following Bitcoin’s movements. Many of our new buy trades have hit their stop losses, while the older trades are still in profit but slightly down due to Bitcoin’s bearish momentum. For these trades, I suggest moving your stop losses to break-even to protect your capital and waiting for the next clear signals.
**Final Thoughts**
The market is at a decisive point, and it’s essential to remain cautious. Until we see a clear breakout, either bullish or bearish, it’s best to wait on the sidelines. Keep an eye on those key levels and adjust your strategy accordingly.
I wish you all a very profitable and safe trading day ahead. Stay tuned, and stay sharp!
**Have a great day, and may the markets be in your favor!**
Yesterday, #Bitcoin took a sharp dive, failing to reach our last resistance level (the Red Line). It was first blocked by the Blue and Black zones, and then eventually by our Yellow Area. As expected, we’re now seeing a bit of retracement before the market decides on the next major direction.
**What's Next?**
In the chart, I’ve marked key support and resistance levels that are crucial to understanding where we currently stand. As I highlighted in my last analysis, if the price confirms a breakout below the Black Line (Arrow #3), we could see Bitcoin drop further, potentially reaching the second daily support level (Arrow #5). Along the way, we also have the Yellow Area, which could act as a temporary support zone. However, I believe we might still see at least a wick hitting the second support.
The critical level to watch is **59191**. Losing this would signal the worst-case bearish scenario, and a deeper decline could follow. On the flip side, the bullish scenario is straightforward: if we break through both Blue Resistance levels, we could see a trend reversal, signaling the start of a new uptrend. Until that happens, I strongly recommend holding off on any new buy positions.
**#Alts (Altcoins)**
Altcoins, as usual, are following Bitcoin’s movements. Many of our new buy trades have hit their stop losses, while the older trades are still in profit but slightly down due to Bitcoin’s bearish momentum. For these trades, I suggest moving your stop losses to break-even to protect your capital and waiting for the next clear signals.
**Final Thoughts**
The market is at a decisive point, and it’s essential to remain cautious. Until we see a clear breakout, either bullish or bearish, it’s best to wait on the sidelines. Keep an eye on those key levels and adjust your strategy accordingly.
I wish you all a very profitable and safe trading day ahead. Stay tuned, and stay sharp!
**Have a great day, and may the markets be in your favor!**
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