Bitcoin Approaching Key Resistance—Watch for Breakout / PullbackSince the last analysis, Bitcoin has respected the Crucial Support Zones and is now approaching a pivotal point at the Descending Resistance trendline.
We’ve seen a bounce off the support zones, particularly the 1W BISI, which has held firm, and the next move will be decisive as BTC approaches the U.S. Election timeline in early November.
Key Developments:
Bitcoin is approaching the Descending Resistance, with a potential breakout signaling a move towards 76K and beyond.
The 1W BISI (one-week bullish imbalance support) has acted as a strong foundation for this current price action, making the upcoming resistance test a crucial moment.
The RSI is sitting comfortably above 55, showing momentum building up in favor of the bulls.
Strategy Update:
Swing Traders: Look for confirmation of the breakout above the descending resistance. If price holds and closes above this level, a run toward 76K and 80K becomes highly probable.
Scalpers: Stay cautious around the resistance zone. If Bitcoin fails to break out convincingly, a short-term pullback to retest the 1W BISI could provide shorting opportunities.
Key Levels:
Resistance: The Descending Resistance trendline is your key point for watching breakout potential. If BTC breaches this level, expect a rally to 72K and 74K.
Support: The 1W BISI and Crucial Support Zone 1 (around 64K) will act as strong support levels in case of any short-term corrections.
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This setup remains crucial as the U.S. Election date approaches, a point that may trigger increased volatility across markets. Keep your risk management tight and stay flexible as the market prepares for its next major move.
