BITCOIN ANALYSIS TODAY OCTOBER 2: BEARING WAVE FORMING
đ Technical Analysis
âȘïžBTC/USDT Timeframe D1
The support zone of $62.4xx has been broken, causing the previous pump break of $64,700 to become a Bull Trap after 2 consecutive days of#BTCfalling, with almost equal intensity, the overwhelming selling volume shows that the bears are controlling the market.
Today#BTChas a slight recovery, however in the short term#BTCwill continue to adjust, the next level we need to observe is $59,200. However, the long-term trend of#BTChas not changed, sideways with a wide amplitude at the peak.
âȘïžBTC/USDT Timeframe H4
On the Timeframe H4,#BTChas had 2 consecutive pushes, 1 from $66k to $62.8xx, 2 from $63.9xx to $60.1xx. starting to form a downtrend when Lower High and Lower Low appear.
However, RSI is oversold so there will be a recovery here, reasonable with the current wave structure. To maintain the uptrend,#BTCneeds to pump up and close the H4 candle above $64.1xx to break the Lower High peak, thereby ending the short-term downtrend.
At this time, futures people are waiting for short, long scalp, expected plan:
- Short et 62.4xx + 64.0xx, sl 64.999
- Long entry 59.2xx, sl reported later.
âȘïžMarks to note: 55500 - 57500 - 59200 - 60000 - 62400 - 64100 - 64700 - 68000
* The above is purely personal opinion, not investment advice!
