BTC/USDT Update

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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:🔹

• 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.