Bitcoin(BTC/USD) Daily Chart Analysis For Week of Oct 4, 2024
Technical Analysis and Outlook:
The "Interim Squeeze" of Bitcoin has witnessed a significant decline to our Mean Support levels at 64400 and 63100, as well as the newly established 60200. On the upside, the cryptocurrency is approaching the critical Mean Resistance level of 64000. A breach of this pivotal level will trigger the movement to the Inner Coin Rally 67000 target, accompanied by further upward momentum, with the primary objective being the subsequent Inner Coin Rally identified at 69300. Nevertheless, the prevailing market interim bearish sentiment anticipates a drop to the Mean Support level at 58000, with the potential for an extension to the Inner Coin Dip 55500 before initiating the primary recovery and progressing into the subsequent phase of the bullish movement.
The "Interim Squeeze" of Bitcoin has witnessed a significant decline to our Mean Support levels at 64400 and 63100, as well as the newly established 60200. On the upside, the cryptocurrency is approaching the critical Mean Resistance level of 64000. A breach of this pivotal level will trigger the movement to the Inner Coin Rally 67000 target, accompanied by further upward momentum, with the primary objective being the subsequent Inner Coin Rally identified at 69300. Nevertheless, the prevailing market interim bearish sentiment anticipates a drop to the Mean Support level at 58000, with the potential for an extension to the Inner Coin Dip 55500 before initiating the primary recovery and progressing into the subsequent phase of the bullish movement.
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