📉 Bitcoin Analysis - October 2, 2024
❗ Key Breakthrough: Bitcoin has broken the crucial support level at 62K. The last time we saw a similar move, it led to a further decline, eventually reaching 52.8K. We're now carefully watching to see if the price consolidates below this level, which could signal further bearish momentum.
📊 Potential Correction Zone: In a more optimistic scenario, we might see BTC decline to the 59-58K range. This is a key area as it aligns with the Fibonacci correction zone and the 12-hour Ichimoku Cloud. Buyers may attempt to regain control here, creating a possible rebound.
⚠️ Bearish Outlook: Given the recent price action and a strong rebound from the upper boundary of the descending channel, I remain cautious. I believe Bitcoin will continue its downward trend for at least the first half of October. However, we could see a significant shift in market sentiment later in the month, potentially changing the trajectory.
Stay tuned and manage your risk carefully as we navigate these critical levels!