Bitcoin on October 29, 2024
Resistance Levels:
Primary Resistance: $69,500. If Bitcoin sustains momentum, this level could be tested as a key resistance, where profit-taking might occur.
Secondary Resistance: $70,000. Should Bitcoin push past the initial resistance, this level could be a critical barrier, potentially drawing more selling interest.
Support Levels:
Primary Support: $68,200. This level has shown recent buying interest and could offer a stabilizing point if Bitcoin faces a pullback.
Secondary Support: $67,500. A breakdown below $68,200 could lead to further declines toward this stronger support zone.
Strategy and Outlook:
Bullish Scenario: If Bitcoin breaks and holds above $69,500, it could signal a continuation toward the $70,000 mark, reinforcing a bullish outlook.
Bearish Scenario: A failure to sustain above $68,200 may increase selling pressure, pushing the price down to test the $67,500 support.
These levels provide actionable points for both potential breakouts and pullbacks, allowing traders to assess real-time movement and volume for intraday positioning
Primary Resistance: $69,500. If Bitcoin sustains momentum, this level could be tested as a key resistance, where profit-taking might occur.
Secondary Resistance: $70,000. Should Bitcoin push past the initial resistance, this level could be a critical barrier, potentially drawing more selling interest.
Support Levels:
Primary Support: $68,200. This level has shown recent buying interest and could offer a stabilizing point if Bitcoin faces a pullback.
Secondary Support: $67,500. A breakdown below $68,200 could lead to further declines toward this stronger support zone.
Strategy and Outlook:
Bullish Scenario: If Bitcoin breaks and holds above $69,500, it could signal a continuation toward the $70,000 mark, reinforcing a bullish outlook.
Bearish Scenario: A failure to sustain above $68,200 may increase selling pressure, pushing the price down to test the $67,500 support.
These levels provide actionable points for both potential breakouts and pullbacks, allowing traders to assess real-time movement and volume for intraday positioning
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