BTC 1ST NOV 2024 ANALYIS
BTC Market Analysis
Bitcoin is experiencing strong bearish momentum, with consistent breakdowns of previous lows. In such conditions, always wait for a clear change of character before considering any long trades. Recently, BTC tapped into a previous order block, which initially attracted buyers. However, it quickly reversed, trapping these buyers, and moved down toward a lower order block.
This new order block is crucial since it aligns with a 1-hour timeframe resistance, which may act as potential support. My approach would be to wait for BTC to break above this minor order block zone and look for a pullback entry on the retracement.
Be mindful that price could also fake out above this level and fall back, trapping more buyers. So, it’s critical to stay patient and let price action develop rather than jumping into a trade prematurely.
Stay patient, and only trade once BTC shows its next move.
If you found this breakdown useful, consider following for more trade insights.
Bitcoin is experiencing strong bearish momentum, with consistent breakdowns of previous lows. In such conditions, always wait for a clear change of character before considering any long trades. Recently, BTC tapped into a previous order block, which initially attracted buyers. However, it quickly reversed, trapping these buyers, and moved down toward a lower order block.
This new order block is crucial since it aligns with a 1-hour timeframe resistance, which may act as potential support. My approach would be to wait for BTC to break above this minor order block zone and look for a pullback entry on the retracement.
Be mindful that price could also fake out above this level and fall back, trapping more buyers. So, it’s critical to stay patient and let price action develop rather than jumping into a trade prematurely.
Stay patient, and only trade once BTC shows its next move.
If you found this breakdown useful, consider following for more trade insights.
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