BTC will challenge ATH again if it crosses this line (1H)
2024-11-04

Hello, fellow traders!
In my previous analysis on BTC,
I've mentioned that if the price showed reversal of trend at the weekly downtrend's resistance line, there's a good chance it might be signaling a bull run. 


In the first box 1️⃣, we see the reversal near the resistance line. Although the price did not physically touch the line (which would have been the best scenario), the lower wick of the bearish candle was near it. 

And now the price remains above the 68 - 69k zone which is also ideal. So does this mean we can enter LONG now and shoot for ATH? I would say no. 
If I could answer yes to that question, I would've just entered when the reversal happened at box 1. Reason I didn't is because the key levels aren't always respected. We need enough evidence to feel confident about our trades.

Let's look at the second box 2️⃣. The red line is drawn based on the highs of the pullback. If we see a breakout of this line, that might be a good entry point for LONG. Until then, however, we cannot be certain how the market will turn out. 

The election is now around the corner and we should keep in mind that BTC could move in either direction depending on the outcome.
Don't worry though, if the market moves in opposite direction, there will be new opportunities waiting.

Stay tuned! 