Bitcoin's Next Move: Bullish or Bearish?

I've remained flat, avoiding market trading and investing more of my stables in spot. Futures are challenging right now, as the market tends to trigger our SL in both directions. So, where are we in the market, and what is the current situation?

In the 1D timeframe, we can observe that $BTC has formed a descending channel. While this is typically a bullish pattern, it needs to be supported by other indicators showing bullish signs as well. Last month, we noted that BTC was indicating a choppy movement and started to fall below the 50D MA, although it occasionally broke above it. Currently, we are still below the 200D MA and are struggling to break above it. The 50D MA is gradually closing in on the 200D MA, and a crossover could indicate a death cross. What levels should we watch for? I'm focusing on the support of the descending channel and the 50Dy MA in the 1W timeframe, as both are showing strong support at that level.

In lower timeframes, BTC rejection at 64.2k or our golden zone was evident. It struggled to break above this level, and volume dried up, leading us to fall back below 60k. Currently, we're trading within the 61k to 57k range. Key levels in this area include 55.9k and 54.7. We can't rule out the possibility of a further decline below 54.7k, which could potentially lead to a test of the 48.8k level.

Using historical data as a strategy helped us protect our capital. As previously posted, August and September tended to have the lowest Bitcoin returns, and this year, the ongoing war and the upcoming U.S. elections on Nov 5 added further uncertainty to the market.

Historically, the market tends to strengthen from October to November. So, consider carefully buying dips during this period, holding your bags, and selling at the peak.



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