BITCOIN (OCTOBER 2024)
BTC Bull Run could start officially in November IF it could do one thing this month...
Breakthrough and close above $65 162.58 by the last day of October.
The Fibonacci golden pocket (0.618 & 0.65 - shown in image) has been a strong resistance level so far, rejecting each month from July as seen and now in October it is approaching that area, luckily it is still early day's in the month.
A push up within this month to above $65 162.58 and close above that rate for the month could solidify the argument for a potential start of a bull run from early November. We also have to take into consideration that this area has been a strong area of resistance so far.
As seen in the image, the Fibonacci Trend Based Extension (plotted in blue) levels 0.5 and 0.618, acted as strong support levels since May this year. The 0.786 level also proved to be a strong resistance level so far this year. So BTC at the moment is stuck between a hard place. It is also worth noting that the Fibonacci Trend Based Extension is based on the 12M timeframe, which holds a significant amount of importance due to the fact that it is based on BITCOIN's entire trend, from the very beginning till current times.
So... could November be the start of the Bull Run, well, we can only wait to see...
Until then, tread cautiously & HAPPY TRADING :)
Breakthrough and close above $65 162.58 by the last day of October.
The Fibonacci golden pocket (0.618 & 0.65 - shown in image) has been a strong resistance level so far, rejecting each month from July as seen and now in October it is approaching that area, luckily it is still early day's in the month.
A push up within this month to above $65 162.58 and close above that rate for the month could solidify the argument for a potential start of a bull run from early November. We also have to take into consideration that this area has been a strong area of resistance so far.
As seen in the image, the Fibonacci Trend Based Extension (plotted in blue) levels 0.5 and 0.618, acted as strong support levels since May this year. The 0.786 level also proved to be a strong resistance level so far this year. So BTC at the moment is stuck between a hard place. It is also worth noting that the Fibonacci Trend Based Extension is based on the 12M timeframe, which holds a significant amount of importance due to the fact that it is based on BITCOIN's entire trend, from the very beginning till current times.
So... could November be the start of the Bull Run, well, we can only wait to see...
Until then, tread cautiously & HAPPY TRADING :)
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