Bitcoin at a Crossroads: $100K or $72K? Key Insights

Resistance and Support Levels:
An area around $100,000 has been identified as a resistance level.
The range of $83,500–$86,000 is viewed as a strong support zone, from which the price has recently bounced back.

Ichimoku Indicator:
The price has recently entered the Kumo cloud, indicating a highly volatile and uncertain zone.
If the price stabilizes above the cloud, further upward movement is possible; however, failure to hold above it increases the likelihood of a retreat toward the support levels.

HARSI Indicator (Modified RSI):
It has been in the overbought territory and is currently undergoing a correction.
The price may experience a slight pullback before reaching a suitable level for re-entry.

Comprehensive Analysis of Bitcoin and Dominance (BTC.D) Based on Submitted Charts

Bitcoin Daily Chart (BTC/USDT - 1D)
✅ The price has recently rebounded from the support range of approximately $83,500–$86,000, showing strong upward movement.

✅ It has not yet managed to break through the resistance zone of $92,000–$94,000.

✅ The Ichimoku cloud indicates that the price is in an uncertain area, with no clear trend established yet.

✅ The HARSI indicator has exited the oversold region, signaling positive momentum.

📌 Summary: Bitcoin is currently trading within a range. If it stabilizes above $92,000, it could target $97,000–$100,000. However, if the $86,000 support level is lost, a decline toward $75,000–$72,500 becomes probable.

Bitcoin Dominance Chart (BTC.D - 1D)
✅ Bitcoin dominance is fluctuating between 60%–61%.

✅ It remains above the Kumo cloud, though its movement has weakened and turned neutral.

✅ A decline in dominance could lead to stronger performance from altcoins, while an increase might fuel a better rally for Bitcoin.

📌 Summary: The dominance trend is not currently bearish, but it also lacks clear bullish strength. If it stabilizes above 63%, the market could shift further toward Bitcoin. Conversely, a drop below 60% would likely bolster altcoin growth.

Analysis Considering the Trading Node at $62,000 on the 4-Hour Chart as of October 14, 2024:

Given that a trading node remains at $62,000 on the 4-hour chart from October 14, 2024, there’s a possibility the market may revisit that level. Such zones are typically considered Liquidity Voids, which the market tends to fill.

🔹 Bearish Signals Confirming a High Probability of a Decline:

✅ Strong Bearish Candles: Indicating intensified selling pressure.

✅ Technical Signal to Fill the Missed Kumo Zone: Markets often gravitate toward areas with unclaimed liquidity.

✅ $62,000 as a Key Technical Level: It could serve as a magnet for liquidity and potentially trigger a trend reversal.

🔸 Fundamental Factors That Might Prevent a Decline:

✅ White House Conference and Positive Signals: Suggesting potential bullish sentiment.

✅ Likelihood of New Liquidity Entering the Market in the Coming Days: Could bolster price stability or growth.

📌 Conclusion:
If selling pressure persists, there’s a chance the $86,000 level will be tested and breached, potentially leading to a deeper correction toward $75,000–$72,500.

However, if fundamentals take the upper hand and strong liquidity flows in, we could see a swift price recovery.

Overall Conclusion and Proposed Strategy

🔸 Bullish Scenario: Consolidation above $92,000 = Potential rise to $97,000–$100,000.

🔹 Bearish Scenario: Breach of the $86,000 support = Potential drop to $75,000–$72,500.

💡 Proposed Strategy:
1️⃣ If bearish candles close with high volume, look for a short position targeting $75,000–$72,500.

2️⃣ If a strong support reaction is observed near $86,000–$83,500, it could present a buying opportunity.

3️⃣ Keep an eye on fundamental news, as it could alter the trend.