#Bitcoin Update – 19.10.2024
2024-10-19

As-salamu alaykum and Good Morning to All Brothers and Sisters!

#Bitcoin has followed every step just as predicted in my last analysis, Alhamdulillah! We’ve successfully broken through all the key resistance levels, including the Red Line (Arrow #5) and the critical 64854 level (Arrow #6). This is a huge accomplishment, and Bitcoin has now surged to reach our old all-time high, touching 69,000 (Arrow #4) right before the weekly close. A truly remarkable moment!

What's Next?

As mentioned in my previous analysis, a new wave has started with the breakout of the 65342 level. This wave has the potential to take us all the way up to 80K! However, we still have several major resistance levels to overcome. The first challenge is the 69K level, followed by the bottom of the Blue Area (Arrow #3), the top of the Blue Area (Arrow #2), and finally, the top of the Yellow Area (Arrow #1). Once we clear these obstacles, Bitcoin could fly toward the highly anticipated 80K mark.

However, after reaching these key resistance points, a slight retracement is likely. You can see the Blue Lines on the chart – these are the critical retracement points where we may see the price pull back. Let’s see from where the market decides to reverse, as these levels will give us more insight into the next move.

Bearish Scenario:

On the downside, for a bearish reversal, the key level to watch is the Red Line. If the price falls back below this line, it would signal the beginning of a potential bearish move. Another key indicator of a bearish trend would be if Bitcoin breaks below the second Blue Line (BOLD). Stay cautious and keep an eye on these important levels.

#Alts (Altcoins)

Talking about #alts is a bit tricky right now, as Bitcoin dominance is rising alongside its price. This makes it more challenging for altcoins to gain momentum. There's a noticeable difference in the trading volume between Bitcoin and altcoins at the moment. However, we’ve still managed to hit many Take Profit points in our signals group, which is great news! I’ll continue to monitor trending coins and keep updating my altcoin list as new opportunities arise.

Stay tuned for more updates, and as always, I wish you all a profitable and successful week ahead. Let’s keep the enthusiasm high and make the most of this market! Have a fantastic day!