Bitcoin/TetherUpdated BTC/USDT Daily Update
📉 BTC/USDT Daily Update 03.10.2024
📝 Market Overview 📝
Currently, Bitcoin is trading in a choppy market structure. The price has been fluctuating between a diagonal trendline, which has served as support over the past four days. Each time BTC tests this level, it faces rejection; however, the resistance is gradually diminishing due to the downward sloping trendline. Typically, after such rejections, the price tests the support zone, making a new low around $50-$100 lower than the previous support, indicating a possible stop-loss hunt pattern. This can best be described as a classic choppy market.
🔍 Oscillator Analysis 🔍
On the 1-hour chart, a bullish divergence has formed, evolving into a triple divergence, which often precedes a strong upward movement.
📊 Bullish Case 📊
To confirm bullish momentum, we need a break above the blue diagonal trendline, currently at $60,850. If BTC breaks and holds above this level, the minimum target would be between $63,140 - $64,200 (0.5-0.65 Fibonacci level).
📉 Bearish Case 📉
A breakdown below $59,800 and a sustained hold below this level for at least 1 hour would signal a bearish continuation. In this scenario, targets would be in the $58,200 - $57,200 range.
⏳ Current Condition ⏳
Waiting for a breakout or breakdown. (⚠️ Awaiting confirmation before taking action.)
⚠️ Disclaimer: 🚫 This is not financial advice. Always trade responsibly and conduct your own research. 🚫
📝 Market Overview 📝
Currently, Bitcoin is trading in a choppy market structure. The price has been fluctuating between a diagonal trendline, which has served as support over the past four days. Each time BTC tests this level, it faces rejection; however, the resistance is gradually diminishing due to the downward sloping trendline. Typically, after such rejections, the price tests the support zone, making a new low around $50-$100 lower than the previous support, indicating a possible stop-loss hunt pattern. This can best be described as a classic choppy market.
🔍 Oscillator Analysis 🔍
On the 1-hour chart, a bullish divergence has formed, evolving into a triple divergence, which often precedes a strong upward movement.
📊 Bullish Case 📊
To confirm bullish momentum, we need a break above the blue diagonal trendline, currently at $60,850. If BTC breaks and holds above this level, the minimum target would be between $63,140 - $64,200 (0.5-0.65 Fibonacci level).
📉 Bearish Case 📉
A breakdown below $59,800 and a sustained hold below this level for at least 1 hour would signal a bearish continuation. In this scenario, targets would be in the $58,200 - $57,200 range.
⏳ Current Condition ⏳
Waiting for a breakout or breakdown. (⚠️ Awaiting confirmation before taking action.)
⚠️ Disclaimer: 🚫 This is not financial advice. Always trade responsibly and conduct your own research. 🚫
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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.