Bitcoin

Hello friends!👋 #BTC Price Analysis#
The last weekly candle closed at $62825, having absorbed the body of the previous candle:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0ad3f5a6756d4bbf88edcb466f6640b9.png">
The first normal reaction of buyers started from the $60,000 range. However, this reaction is not strong enough yet.
On the 3-day timeframe, you can see how buyers cannot level the red candle from September 30 with two candles:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4d62dea89f6a40609b0d99386861889d.png">

Therefore, at the moment, our main scenario for the BTC price to fall to $57,000-59,000 remains the main one.
On the daily timeframe, you can see how buyers have managed to push Bitcoin's price up to the $63000-$64000 range in small steps:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/71b46c125c7742fa82f995c57f599c6c.png">
However, trading volumes do not yet inspire hope for continued growth. We assume that buyers will try to go beyond $64,400. In case of a mistake, a short trade on bitcoin will hit a short stop and the price will fly to withdraw the main liquidity above $66000.
On the 4-hour timeframe, the $BTC price paused near the 63500 range, where the short position was entered and the critical point of the short scenario was $62000:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/273bfe15a31349ec8c6290f4e5d1ccba.png">
If Bitcoin's price breaks through the $62000 mark, we expect the downward momentum to accelerate to the $57000-59000 range.
The dominance of BTC has been mysteriously in place for 5 days and hints at continued growth:
<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/549c585752234397a122d51c845bc6c5.png">
USDT's dominance has come to the 5.6% range that we talked about in previous reviews:
<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/54724371ddf64da88b2f30c58cade17b.png">

Given the downside charisma of USDT's dominance, we think the chance of a break of the 5.6% range downwards is now low. Therefore, the formation of a new wave of decline in the cryptocurrency market is the main scenario for us now. (Although we really do not want this).
We will consider new medium-term long positions on altcoins when the BTC price breaks the $62,000 mark down. Then we'll analyze which altcoins are better at holding on to a fall and publish trades in the table. Have a great week!👍

Bitcoin plans to continue its correction to $57,000. What's next?

PS trade

Other articles published on Oct 7, 2024

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