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Weekly BTC Update: Key Levels & Path to November ATHOn October 6th, I projected a higher low around 58k, setting up a rally to the 67-69k range, with a pullback to 64k before a move to new all-time highs (ATH) in November. The linked chart outlines this setup. For this scenario to play out, we may see one last dip into 64k—often on Tuesdays—before bulls push toward a strong monthly close. Levels to Watch This Week: 1. Key Monthly Close Level: 67,540, which needs to be held as support into monthly close for further upside. 2. 2024 Resistance Trendline: Currently moving down from 67,760 to 67,680. 3. Major Support: • 0.614 Fib: 64,312 • Upsloping Support Trendline: Spanning 63,700 to 64,600. A pullback isn’t certain, but these levels are crucial. Watch for bulls to hold these support points and build momentum toward an ATH in November. A breakdown of the 58k low would be very concerning and could invalidate this bullish outlook.
by Sellicks_forgotten_moustache
1
BTCUSDTHi. Currently, Bitcoin is approaching a potential Golden Cross, where the 50-day moving avge is expected to cross above the 200-day moving average. This technical indicator is often seen as a bullish signal, suggesting a potential upward trend in Bitcoin's price. Here are some key points about Bitcoin's situation: Current Situation: The 50-day moving average of Bitcoin's price has started to rise and is expected to surpass the 200-day moving average soon. Historical Context: The last Golden Cross for Bitcoin in November 2023 led to a significant price increase, with Bitcoin's price soaring by over 116% to reach an all-time high of $74,000 in March 2024. Potential Price Surge: Analysts suggest that if a Golden Cross occurs, it could potentially push Bitcoin's price towards $100,000. Market Volatility: While a Golden Cross is a bullish signal, the cryptocurrency market remains highly volatile, and rapid growth is not guaranteed.
Long
by mokabian
What Bitcoin's break of 74k means On the monthly and weekly timeframes, Bitcoin seems to be forming a continuation pattern which might push the price up to a new ATH (All Time High). While this is good news for Bitcoin Hodlers, I personally would only be looking for buy positions once the price breaks and stays above the 74k price line. The reasons for this decision is as follows: Bitcoin is currently at an interesting price zone as Bulls seem to be struggling to break and keep price above previous ATH's supply zone. I'm however only going to be convinced of continued bull run if price breaks and holds above 74k price line. if this happens, I'll be looking for buy positions on pull-backs. Price is forming what looks like a rising wedge on the daily timeframe. For those who might not be familiar with this pattern, it's a reversal pattern, meaning price is more probable to break and trade below the lower trendline whenever this pattern forms. Because this price level is at an interesting zone, it could be institutional traders and whales are secretly selling off their positions (price distribution) which might see us in the next phase of bear run. While this is mere speculation, it's good to be on the look at because anything can happen. Given the above reasons, I'm still very bullish on the price till I see a break below the Weekly HL (Higher Low) at 49k or a break below the Monthly Trendline. Note that I do not take positions based on what I anticipate price to do. I take positions when price does what I anticipate and presents my entry signal. Please let me know what you think about this. Would love to know your thoughts too about the short and long term price of Bitcoin.
Long
by youngbossy
Technical Analysis of Bitcoin Price --- ### **Technical Analysis of Bitcoin Price** #### **1. Trend Patterns and Market Structure** - **Market Structure**: Over the past month, Bitcoin has shown a gradual uptrend, with higher highs and higher lows indicating sustained bullish momentum. However, it is currently in a consolidation phase after testing higher levels, suggesting potential distribution. - **Trend Reversal Signals**: Keep an eye on any breaks below recent support levels, as this could signal the end of the uptrend. Likewise, a breakout above recent highs could confirm the continuation of the bullish trend. #### **2. Support and Resistance Levels** - **Key Resistance Levels**: - $67,000: Major resistance observed at the top of recent highs. - $70,000: Psychological level that could attract selling pressure. - **Key Support Levels**: - $66,000: Immediate support where price has bounced previously. - $63,500: Secondary support based on historical price action. These levels can serve as potential entry and exit points, depending on how price interacts with these areas. #### **3. Indicator-Based Analysis** - **RSI (Relative Strength Index)**: - Currently hovering around the 60–70 range, suggesting bullish momentum, but caution is warranted if RSI approaches overbought territory (above 70). - Look for any **RSI divergence** (e.g., price making higher highs while RSI makes lower highs), as this could signal a weakening of momentum and potential trend reversal. - **CCI (Commodity Channel Index)**: - With a value above +100, CCI suggests that Bitcoin is in an overbought condition. A drop below +100 could indicate a loss of bullish momentum and could be a sign of reversal. - A CCI below -100 could signal oversold conditions, which might provide buying opportunities on a reversal. - **MACD (Moving Average Convergence Divergence)**: - The MACD line remains above the signal line, confirming bullish momentum. However, watch for a potential **bearish crossover**, which could indicate a weakening trend. - An increase in the MACD histogram could indicate growing momentum, while a decrease signals potential exhaustion. #### **4. Price Action Analysis Using Wyckoff Theory** - **Current Wyckoff Phase**: Based on recent price movements, Bitcoin may be in the **distribution phase** where large players are selling, and retail traders continue buying. This can lead to a consolidation zone followed by potential markdown if price breaks below key support. - **Patterns to Watch**: - **Spring**: A false breakout below support, followed by a quick reversal to the upside, can confirm strong buying pressure. - **Upthrust**: A breakout above resistance with a quick retraction could indicate a bull trap, suggesting a reversal might be imminent. - **Volume Analysis**: Increasing volume on down moves could signal distribution, while decreasing volume on up moves supports the idea of weakening bullish momentum. #### **5. Elliott Wave Analysis** - **Wave Count**: - The recent uptrend might be completing a 5-wave impulsive move, with the current consolidation potentially marking the start of an ABC corrective wave. - **Wave 1–5 (Impulsive)**: Look for a 5-wave pattern to complete, with Wave 5 likely being the last bullish leg. - **ABC Correction**: The ABC corrective wave could bring prices back to a support level (e.g., $63,500) before resuming the larger uptrend. - **Projection**: - If the 5th wave completes near resistance, expect a pullback (corrective ABC wave) toward the nearest support level as a part of the Elliott Wave corrective phase. #### **6. Volatility and Market Sentiment Analysis** - **Volatility (ATR)**: Monitor the Average True Range (ATR) to gauge volatility. An increase in ATR can indicate that a significant move is forthcoming. - **Market Sentiment**: External factors, including news or regulatory events, may impact volatility, which should be factored into your strategy. #### **7. Trading Strategy Recommendation** - **Entry Points**: - **Long Position**: Consider entering a long position if Bitcoin breaks above $67,000 with strong volume, confirming bullish continuation. - **Short Position**: Enter a short position if Bitcoin breaks below $66,000, with the next target being around $63,500, where support might trigger a reversal. - **Exit Points**: - Set take-profit levels near resistance at $67,000 and $70,000 for long positions, and around $63,500 for short positions. Use trailing stops to lock in profits if the trend continues. - **Risk Management**: - **Stop Loss**: Place stops slightly below $66,000 for long positions and slightly above $67,000 for short positions to protect against false breakouts. - **Position Sizing**: Adjust your position size based on ATR and individual risk tolerance, aiming to keep risk per trade under 2% of your portfolio. #### **8. Summary and Trade Plan** - **Bullish Scenario**: A breakout above $67,000 could lead to new highs, provided there’s sufficient volume and momentum. - **Bearish Scenario**: A breakdown below $66,000 with increasing selling pressure could lead to a retest of lower supports. - **Wyckoff and Elliott Implications**: If distribution is confirmed, and Elliott Wave suggests a completed 5th wave, prepare for an ABC corrective wave. This technical analysis combines multiple frameworks to provide a strategic overview, actionable insights, and trade management techniques for navigating Bitcoin or any other cryptocurrency market effectively.
Short
by cryptoprofeta20
Positive Correlation between XAU and BTC on Daily Charts!This is not a suggestion or my trading plan! My Trading plan has been already shared with you all in this forum. In my experience we always need to marry fundamental forces with technical projections. We had a newsless week but ending Friday, we had Israel drones or airforce attack Iran? Did you see the pop in prices? From a forex market perspective we only have Crypto or more specifically BTC in operation. Look at its price action because it is positively correlated with Gold on a daily chart basis. BTC will follow the news so that is a good head start for the week ahead. I will post later on Sunday evening my thoughts! Please share yours as well!
by ccpudaism
Scalping BTC using simple S&R analysisThe price is likely to break the resistance at the 67,234 level and retest this area as support. This outlook is supported by the price holding within the range level (marked by the white line) and the presence of strong support at 66,770, which aligns with a previous resistance level, creating a confluence. However, there is still a possibility that the price could be rejected at the resistance. In that case, the price may retest the support or even break below it. Based on current market conditions, the likelihood of this scenario is approximately 30%. I will place a stop-limit buy order at 67235 and stop-loss at 66770. Profit ratio at 1:3.
Long
by DexterMGarcia
SasanSeifi| Can We Expect Short-Term Corrections?Hey there, ✌ In the short-term timeframe, we've observed that Bitcoin has surged from the $60,000 range to a high of $69,000. However, following this peak, the price has shown a negative reaction, undergoing a minor correction down to the $67,000 levels after a brief period of fluctuations. Currently, the price has remained in a range after encountering the Exponential Moving Average (EMA) at the $67,000 mark. The significant resistance level ahead in the 4-hour timeframe lies between $67,750 and $68,500. Analysing the chart in the lower timeframes, it appears that the price may be inclined to experience further corrections. If a candle closes below the $66,950 to $66,850 levels, we might witness a price correction down to the demand levels at $65,500, and potentially further to $64,250 to $63,000. Understanding how the price reacts to these levels will be crucial for assessing the ongoing trend. Additionally, if the price faces increased demand and breaks above the established resistance levels, the corrective scenario could be reconsidered. The potential trend is clearly outlined in the chart above. 💢 This is just my personal analysis, not financial advice. If you found this helpful, feel free to like and comment – I'd love to hear your thoughts! Happy trading! ✌😊
Short
by SasanSeifi
Bitcoin Still Targeting New ATHHey there, Just wanted to share an update on Bitcoin. Since March 2024, it has been trading within a 30% range, showing significant consolidation. I'm leaning bullish because Bitcoin has left a lot of untouched liquidity behind, and I believe it's only a matter of time before we break the all-time high. If you've been trading the long side swings, you've likely taken profits from previous order blocks. Interestingly, most traders are ready to go long on Bitcoin above $70,000 instead of taking positions within the current range (if we break immediatly, I would also long it on my Futures Account). Personally, I'll be looking to catch two separate spot buys with different position sizes if the market breaks down. It would be great to see a new low for a better risk-reward ratio. Best regards
Long
by umothegreat
Why Has Bitcoin fallen To $67,000 Range? Explained.Looking at the sentiment below the bitcoin chart CME:BTC1! You can see that the bears are really taking control of the crypto market -- Now this is good for transfer fees, because you can always transfer your Bitcoin at a lower price when the market crashes But if you are also in it to make a profit then this is your buying opportunity. But also note that this could be a sign of a middle market Which is flat.Am thinking investors are stalling with a flat market because they want to wait for the US presidential election outcome in the month of November. Whether you like it or not the election season is a big market indicator especially In crowd psychology.Because of this we can not afford to ignore the market sentiment If you look at the chart what type of market sentiment are we in? Look again at its chart below is the bull bear power.. Analysis of this chart tells you That even though we are in an uptrend.. the bears have taken control. This usually leads to negative comments in the mainstream press. In order to understand the weekly trend you need to understand the rocket boost strategy In order to learn more about the rocket booster strategy check out the references below Rocket boost this content to learn more. Disclaimer:Trading is risky you will lose money wether you like it or not please learn risk management and profit taking strategies
Long
by lubosi
BTC/USDT short setupBTC/USDT short setup Date: 10/24/2024 Author: Crypto Rado ( Rhino Aka Bear ) Timeframe: 15M & 4H Following the rejection from $69,566, Bitcoin experienced a 3-leg movement down to the $65,200 zone. From there, we saw another 3-leg upward correction, indicating that the short zone lies within the 0.61-0.7 Fibonacci retracement level, which has now been reached. From this point, my strategy is to short BTC, targeting the 1.272 Fibonacci extension, located between $64,200 and $63,700. On the 15-minute timeframe, a bearish divergence has already formed, and on the 4H timeframe, this divergence is in the process of forming, which would likely be confirmed if BTC reaches the 0.786 Fibonacci level. Key Levels to Watch: Bullish breakout: $69,566 Bearish breakdown: $66,750 Disclaimer: ⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital.
Short
by RhinoAkaBear
35
Second section is an attractive buy section (confirm support) Hello, traders. If you "Follow", you can always get new information quickly. Please also click "Boost". Have a nice day today. ------------------------------------- (BTCUSDT 1D chart) It seems to have met resistance in the 68393.48-69031.99 section and fallen below 67414.39. Accordingly, we need to check for support near 67414.39. If it meets resistance at 67414.39 and falls, we need to check for support near 65602.01-65920.71. - BW (50) is showing signs of being newly created at 66668.65. Accordingly, the key is whether BW (50) can be supported near the newly created point and rise above 67414.39. - Since the StochRSI indicator has currently entered the oversold zone, the decline is strong. Therefore, if it fails to maintain the price by rising above 67414.39, it is likely that an additional decline will occur and it is recommended to consider a countermeasure. When the StochRSI indicator rises above the oversold zone and maintains the state of StochRSI > StochRSI EMA, the upward trend is likely to begin. Therefore, the 2nd zone (65920.71-67414.39) is an important support and resistance zone. In addition, since the M-Signal indicator on the 1D chart is passing the 65920.71-67414.39 zone, it is even more important. - Checking for support is a difficult and tedious task. Therefore, it is also good to refer to the location of the StochRSI indicator or BW indicator to help confirm the direction when checking whether there is support. I think that you can create a much better response plan than drawing a trend line and checking whether it goes up or breaks away from it. Trend lines are used for chart analysis, but they are not very helpful in conducting actual trading. The reason is that they are made of diagonal lines. Therefore, I think that it is good to use trend lines in combination with support and resistance points drawn on 1M, 1W, and 1D charts to confirm the period of volatility. Since a pattern is meaningful when it is completed, you should not try to think in terms of fitting it into a pattern. - After all, the purpose of everything displayed on a chart should be to conduct trading. Therefore, you should check what kind of movement is shown at the support and resistance points drawn on the chart and trade accordingly to make a profit. Since the StochRSI indicator has currently fallen below 50, we should look at the chart with the purpose of finding a time to buy. For that purpose, the 2nd section (65920.71-67414.39) is an attractive buying section. If it falls in the 2nd section, the next buying section is likely to be 61099.25-62791.03. The reason for this is that the M-Signal indicator on the 1W chart is passing around 62791.03. - Therefore, we should know how to wait when we wait, and when it is time to start trading, we should start trading boldly. I think it is time to wait because it is still confirming support and resistance. - Have a good time. Thank you. -------------------------------------------------- - ​​Big picture It is expected that the real uptrend will start after rising above 29K. The section expected to be touched in the next bull market is 81K-95K. #BTCUSD 12M 1st: 44234.54 2nd: 61383.23 3rd: 89126.41 101875.70-106275.10 (when overshooting) 4th: 134018.28 151166.97-157451.83 (when overshooting) 5th: 178910.15 These are the points where resistance is likely to be encountered in the future. We need to see if we can break through these points. We need to see the movement when we touch this section because I think we can create a new trend in the overshooting section. #BTCUSD 1M If the major uptrend continues until 2025, it is expected to start by creating a pull back pattern after rising to around 57014.33. 1st: 43833.05 2nd: 32992.55 -----------------
by readCrypto
BTC/USDT DAILY TIMEFRAME BTC/USDT Daily Analysis: Key Scenarios Bitcoin (BTC) is currently trading around $67,034 with a minor decline of 1.71%, but remains in an overall bullish trend. The market is approaching key resistance and support levels, offering two potential scenarios for the near-term price action. Scenario 1: Bullish Breakout If BTC breaks above $69,705, it may continue to climb towards $73,768 and beyond, potentially aiming for new highs. The price is following a strong upward trendline, which supports continued bullish momentum. Scenario 2: Pullback and Consolidation Alternatively, BTC may face rejection at $69,705, leading to a pullback toward $60,946. This would allow for consolidation before another upward push, maintaining the overall bullish structure. Conclusion BTC is at a critical point. A breakout above $69,705 could lead to significant gains, while a pullback to $60,946 would be a healthy retracement before resuming the upward trend. The broader outlook remains bullish.
Long
by ProfitLanderCharts
#BTC tested the support zone again📊#BTC tested the support zone again✔️ 🧠Trading in the divergence zone is a very uncomfortable thing, so we patiently waited for the price to break out of the divergence zone before entering a new transaction. We tested the support zone again, and the response was good. We reached TP1:67488 many times and then fell back after encountering resistance, indicating that the resistance performance here is also very good, so we locked in the main profit here. Congratulations to the friends who followed the wolf king to print money and got rich returns. 🍻 ➡️From the current structure, the ideal goal of the small double top short structure has not been fully achieved, so we need to be vigilant about the risk of further decline! ➡️But the neckline support area is below, so please don’t be too bearish. If it falls below the neckline support area to build a larger short structure, it is reasonable to consider shorting after the rebound. Let’s see👀 🤜If you like my analysis, please like 💖and share it💬 💕 Follow me so you don't miss out on any signals and analyze 💯 BINANCE:BTCUSDT.P
Long
by wolf_king888
Bitcoin is bearish for short termIn my previous update i told you that Im opening short position annd it had been successful trade target has already achieved, I am really sorry to tose who didn't got my message to move the SL and DCA your position. Well current market trend is still in downward direction My third target for short trade is still valid, CRYPTOCAP:BTC will surely fall for 65k$ soon. Bitcoin hit 69500 was not a true breakout, we are considering it as fake out you see it in the image attach below. You might have seen manny influencer are saying bitcoin could fall to 60000$, Yes they are right the impact of that fake could take the bitcoin to 60k$.
Short
by Beyoglu_Analyst