📊 Technical Analysis

▪️Market context

Today is the last day of the month and the end of the fourth quarter. If you have been following me, you will know the term rebalancing portfolio - this comes from funds and organizations that want to restructure the assets they are managing, so a slight correction is normal. The long-term wave structure of#BTCis still sideways at the peak, which has lasted from March 2024 until now.

In the current context, 99.9999% October#BTCcontinues to fluctuate in a wide range of $49k - $72k. The market needs a strong push to break out of the $72k resistance. Personally, I think the money pumping is the first signal for the economy. At the end of the year, the FED will reduce interest rates even more, maybe we will celebrate Tet with banh chung with meat filling.

▪️BTC/USDT Timeframe D1

After the strong bullish candle broke the resistance of $64.7xx on September 26, the last 2 days of the week,#BTCfluctuated in a narrow range, forming an insidebar price action model showing accumulation before the next big wave.

Early morning of September 30,#BTCbroke the insidebar pattern with the mother bar on September 27 with a long red candle without an upper shadow. Looking at the chart, we can see that this is a correction, the uptrend is still there. This correction is an opportunity for everyone to get on board with an entry at the $62.4xx and $57-$58k zones.

Zone $57-$58k holds, we once again see#BTChit 7 this year.

▪️BTC/USDT Timeframe H4

Selling pressure is clearly shown on the H4 Timeframe with consecutive red candles without any technical recovery.

At the time of writing, the price of#BTCis at $63,276, around $62.4xx is a support zone, so you can set a small volume scalp long order to stop the ship.

Today's scenario for futures:

- Long at $62.4xx

- Short at $64.3xx - $64.6xx

▪️Marks to note: 55500 - 57500 - 59200 - 60000 - 62400 - 64700 - 66400 - 68000

* The above is purely personal opinion, not investment advice!
$BTC #Write2Earn