BTC Analysis

NOVEMBER 3rd, 2024

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BIAS:

Mid-Term: BULLISH

Short-Term: BULLISH

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As anticipated, the price action on the H1 timeframe for $BTC has successfully filled out the FVG gap between $68,213 and $67,902 🟢, with the region now serving as horizontal support.

Currently, consolidation in a compression pattern 📉 is forming, signaling potential strength in this area. This setup increases the likelihood of a bounce back from this support level, giving potential for an upward movement 📈 if support holds steady.

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MAIN INTEREST LEVELS

⬇️SHORT⬇️

$67,902

⬆️LONG⬆️

$68,335

PREDICTED DAILY RANGE

$68,449 to $76,768

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VIP ACTION PLAN

On the H4 timeframe, the price action is consolidating at a horizontal support level after breaking down the support trendline and testing this region 🔻.

This setup suggests that while a short-term bounce may occur 📈, there is still underlying liquidity below that could be targeted.

If the price action retests and closes below $67,902, we could see a move to squeeze out these lower liquidity levels.

This dual possibility gives a balanced view, with a potential bounce in the short term but a cautious outlook for further downside if lower supports are challenged.

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Yours truly,

Bab¥ofAfrica®