Bitcoin (BTC): Sellers Started To Show Dominance Near Resistance

2024年10月7日

Last week we had a really nice sharp rejection from weekly opening til weekly closing, where in total we had full body close on candle without any upper wicks.

We are seeing that sellers are slowly taking dominance and now we are waiting for final confirmation, which would be a nice additional red candle to close this week, which again might start a greater downward movement!!

We want to see a fire sale!!

Swallow Team

2024年10月7日

註釋

Bitcoin on has had a nice bounce from 200EMA, which seems to hold it's ground as of now.

As we are seeing buyers trying to hold the ground, we are also seeing a possible switch on trend from RSI, which would mean a possible upward further movement from here.

Overall, to maintain that upward movement, we need to see another 2 candles in green, then we can be more sure of an upward possible move, but if not, then we might see an eary movement to lower zones, possibly testing again the 200EMA and breaking it most likely as well!

2024年10月8日

註釋

Bitcoin is showing some kind of weakness where, on the other hand, we are too close to the local resistance zone, which could mean a possible movement to upper zones.

Despite all that, we are seeing the lower zones to be reached so we have here 2 possible setups for Bitcoin where both of them would end up near 50K.

Now all we can do is see how the market structure will develop and if we break or bounce from the current zone above EMAs!

2024年10月10日

註釋

Bitcoin has made a nice rejection from local EMAs, which is rather a small movement but a strong one, as we can see.

Sellers have fully broken the zone of EMAs where we might see a possible re-test of those broken zones.

Overall, currently the first play to lower target zone seems more and more optimal so eyes on EMA now!!

2024年10月11日

註釋

Bitcoin has made a nice 5% drop since breaking those EMAs.

While sellers showed a huge dominance there, we see buyers are not going for a possible re-test where ideally we should see a successful re-test (which means a rejection and a further movement to lower zones).

So, now we wait for a rejection to happen, which should result in a further movement toward the major target zone!