BTC/USDT Daily Update
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📉 BTC/USDT Daily Update 03.10.2024
đź“ť Market Overview đź“ť
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.
đź“Š Bullish Case đź“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).
📉 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. 🚫
đź“ť Market Overview đź“ť
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.
đź“Š Bullish Case đź“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).
📉 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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