Bitcoin Update: September 17, 2024

١٧ سبتمبر

Assalamu Alaikum and Good Morning to All My Brothers and Sisters,

After observing the weekend's price action, it's time for our first Bitcoin analysis of the week. I waited until Monday to gain a clearer picture of Bitcoin's next move.

Current Market Outlook:
Bitcoin made an impressive jump last week, but now it appears we might be seeing a slight retracement. The price is currently consolidating near a bull flag pattern. If we get a confirmed breakout above the blue line on the 4-hour timeframe, we could soon witness a breakout of the yellow zone.

What's Next?
Should Bitcoin break and retest the blue line successfully, we could be in for a strong upward movement. The blue line is acting as support, and just above it, we've identified a key resistance on the 4-hour chart. A breakout here would be a very bullish signal. This could potentially send Bitcoin towards the 60k-61k range. Breaking through the yellow area would be monumental, as it would open up the path to the next yellow zone, pushing us towards 64K or higher.

Bearish Scenario:
On the flip side, a bearish scenario is quite straightforward. Yesterday, Bitcoin closed below the daily resistance (black line). If today's candle confirms this breakout on the daily timeframe, we could see Bitcoin lose all the gains it made last week.

Altcoin Market:
Altcoins are following Bitcoin's movement, climbing up during Bitcoin’s surge and dropping during its retracements. Our recent confirmed breakout signals are still in profit, while others remain near their entry levels. We're waiting for clearer confirmations before opening additional buy trades, which will likely come after Bitcoin's direction becomes clear.

Stay tuned, and I wish you all a profitable week ahead. Have a great day!