BTC/USDT Technical Analysis Update
Date: 10/24/2024
Author: Crypto Rado ( Rhino aka Bear )
Timeframe: 1H & 4H
🔹 Overview:🔹
Bitcoin has successfully hit the $65.4K target, as expected, and has since bounced with a bullish divergence on the 1H timeframe, suggesting a potential short-term momentum reversal.
🔹 Key Levels:🔹
🔹 Scenarios:🔹
Bearish Case: A confirmed breakdown below $65.4K could drive the price towards $63.7K and $62.6K, with larger downside targets at
48K to $40K if bearish momentum continues.
Bullish Case: If Bitcoin breaks above $69.8K, the next major upside targets are between $100K and $110K, signaling a continuation of the bullish trend.
Disclaimer:
⚠️ This is not financial advice. All information is for educational purposes only. Conduct your own research and understand the risks before making any trades.
Date: 10/24/2024
Author: Crypto Rado ( Rhino aka Bear )
Timeframe: 1H & 4H
🔹 Overview:🔹
Bitcoin has successfully hit the $65.4K target, as expected, and has since bounced with a bullish divergence on the 1H timeframe, suggesting a potential short-term momentum reversal.
🔹 Key Levels:🔹
- Resistance Zone: $68K–$68.5K (Aligns with the 0.615–0.786 Fibonacci retracement on 1H)
- Support Zone:$65.4K (Breakdown level)
- Point of Control (POC): $67.3K (Volume-driven key level)
🔹 Scenarios:🔹
Bearish Case: A confirmed breakdown below $65.4K could drive the price towards $63.7K and $62.6K, with larger downside targets at
48K to $40K if bearish momentum continues.Bullish Case: If Bitcoin breaks above $69.8K, the next major upside targets are between $100K and $110K, signaling a continuation of the bullish trend.
For now, the market structure appears corrective rather than fully bearish, and I will wait for clearer price action before making further trading decisions.
Disclaimer:
⚠️ This is not financial advice. All information is for educational purposes only. Conduct your own research and understand the risks before making any trades.
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Disclaimer
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Related publications
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.