WATCH FOR DIVERGENCE ⟶ #BITCOIN'S NEXT MOVE AT RESISTANCE
2024-10-07

#Bitcoin Analysis Summary #Bitcoin
4-Hour Time-Frame ⏰

Given the sluggish rise from the monthly support (60774.50) 📉, the bearish trend-line with a shallow slope can act as a barrier between further decline and continuation of growth 📊.

As long as #Bitcoin remains below this trend-line and no confirmation occurs in the 1-hour time-frame, the chance of resuming the decline is high ⚠️.

🔻 Bearish trigger: Breakout of weekly support 62755.61 on the 4-hour chart.
🔻 Target levels: 59892.41 and 56964.92.

This decline could set the stage for a future bullish move based on the rising wedge pattern 📈.
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#Bitcoin Analysis Summary Based on the 15-Minute Time-Frame ⏰

In the 15-minute time-frame, near the key resistance of the 1-hour bearish trend-line (mentioned above), there is potential for a bearish divergence 📉.

🔄 We draw a trend-line for the final bullish move (divergence trend).

📉 Breaking this trend could signal an early drop based on the main scenario. 
Condition for the drop: Breaking the divergence trend-line on the 15m chart.

If supported, there’s a chance for a rising wedge pattern before the drop.

🎯 Updated drop targets: 
1️⃣ 61355.26
2️⃣ 59892.41
3️⃣ 56964.92

❌ Stop-loss for the drop scenario and entry into the continuation phase: Breaking the 1-hour bearish trend line.

