As of mid-October 2024, the Bitcoin market is showing positive signs of growth, although the situation remains volatile. In the coming days, analysts expect that the price of BTC may continue to move in the range of $62,000-$65,000, with a possible break to $70,000 if the support remains strong. The main resistance levels at the moment are $66,750 and $74,000, which can be reached if buyers continue to control the market.
However, analysts warn about possible short-term corrections, as the market continues to "make noise" and shows a sideways trend. The support level remains in the area of $60,000, and this threshold is currently considered important for holding the long-term strategy. Investors in the BTC market are also keeping a close eye on the possible launch of new financial instruments such as ETFs, which could add to market stability and support price growth.
The overall sentiment remains bullish, with expectations for a possible rally to $74,000 in the short term, especially given that October has historically been a good month for Bitcoin. However, there are also risks of short-term falls to $60,000 if support weakens.
On the chart, we can now see that the price has entered the overbought zone on the 4-hour timeframe, which may signal a further drop in the price to liquidity levels. So if you look at the 50% correction from the last rise - this is the price in the range of 64401 - 63960.
Also, on the daily chart, we can try to see the "cup with handle" technical analysis figure, which signals that the price is ready for further growth in the event of a breakout of the upper straight line.
Since most expect a hike in liquidity to 54,000 - I choose a short position
Currently I have entered a short position from 65874, I expect a profit of 63343 stops at 68000
