Bitcoin/Tether
Updated

BTC/USDT Daily Update

166
๐Ÿ“‰ BTC/USDT Daily Update 03.10.2024

๐Ÿ“ Market Overview ๐Ÿ“
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.

๐Ÿ” Oscillator Analysis ๐Ÿ”
On the 1-hour chart, a bullish divergence has formed, evolving into a triple divergence, which often precedes a strong upward movement.

๐Ÿ“Š Bullish Case ๐Ÿ“Š
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).

๐Ÿ“‰ Bearish Case ๐Ÿ“‰
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.

โณ Current Condition โณ
Waiting for a breakout or breakdown. (โš ๏ธ Awaiting confirmation before taking action.)


โš ๏ธ Disclaimer: ๐Ÿšซ This is not financial advice. Always trade responsibly and conduct your own research. ๐Ÿšซ
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Closed trade at 52.8k

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