$BTC As thought about bitcoin but it is going down a lot whe | Waseem45 on Binance Square

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$BTC As thought about bitcoin but it is going down a lot where it reached 70 thousand and now it is at 61 thousand bitcoin diwali is over$

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!!!! NOTE: If you have a cryptocurrency trading account, please turn on the candlesticks in your account chart to understand these meanings more clearly If price breaks out of these areas, cultural support may turn into resistance, and resistance may turn into support In the above chart, once the price breaks the support level (1), it becomes the resistance level (2), and once the price breaks the resistance level (3), it becomes the support level (4)From a bull market perspective, when the market hits a previous low, it is more important than when the market hits a previous high. In a bear market, it is more important for the market to trade to the previous high than to trade to the previous low In other words, the more times a support or resistance area is "hit," the more important it is, and support and resistance areas are very important for consistent setups

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Whether you trade cryptocurrencies, forex, commodities, options, or stocks, support and resistance levels form the basis of most technical analysis chart patterns. It is the most important and legitimate quantity and price indicator. There is no one, very accurate, no lag, the price is at a certain level 〰️〰️🚨🚨🚨〰️〰️🚨🚨🚨〰️〰️Price doesn't know if it should be overbought or oversold and turns in the opposite direction, which by the way is where indicators can go astray. People have been fascinated by technical indicators for years, and in fact most trading platforms are filled with them

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Cryptocurrencies recovered from a sharp sell-off earlier in the week to rise, with Bitcoin topping $62,000 in one fell swoop on Friday. Bitcoin gained more than 12 percent, rising above $62,000 at one point, well above the support level of $55,000 that has been in place for most of the year, the data showed. Ether jumped more than 14 percent, approaching $2,700. At one point on Wednesday, bitcoin and ethereum also led the cryptocurrency market and related stocks lower

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We also have additional bullish catalysts. The anticipated compensation claims of $12 billion to $14 billion from FTX are expected to flow into the market in October and November 2024. This will inject a significant amount of new funds into the cryptocurrency market, further driving up market prices. For investors, this is undoubtedly very positive news, Nevertheless, we must also learn from past lessons. Historically, the cryptocurrency market tends to follow a four-year cycle centered around Bitcoin halving events. In the first year after the halving, the market rises rapidly; in the second year, the growth rate slows; in the third year, prices generally stabilize; and in the fourth year, prices drop significantly. Prices typically peak around 500 days after the halving. If this cycle follows the same pattern, the market could peak around October 2025

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