NOT NOW !
2024-10-19

@TradeWithMky !

### **Analysis:**

On the **daily timeframe**, Bitcoin is showing strong upward momentum after a significant pullback from prior levels. Let's break down the key elements:

1. **Resistance Zone**:  
   The red zone at the top (around $68,300 - $68,700) highlights a **major resistance area**. The current price is testing this supply zone, and we can expect potential selling pressure at this level. Traders might be placing **buy stop-losses** above this resistance to catch a breakout.

2. **Fair Value Gaps (FVG)**:  
   The chart also highlights multiple **Fair Value Gaps** (FVG):
   - **FVG (Daily)** and **FVG (4H)** (Green Zones) between $61,700 - $64,000 indicate potential areas where price could retrace and find support if it drops. These gaps often act as strong support or re-entry points after a bullish rally.
   
3. **Support Level**:  
   A key **support** level is marked at **$61,774**, which aligns with a previous breakout zone. This is where price action could stabilize or bounce if a pullback occurs.

4. **Previous Major Level**:  
   The blue zone at the bottom, around **$52,000 - $56,000**, is labeled as a **major support level**. This area served as strong demand in the past and could play a significant role if the price dramatically retraces.

5. **Uptrend Line**:  
   The yellow upward sloping line shows a clear bullish trajectory in the short term. Bitcoin is moving upwards with strength, but it is essential to watch for any signs of weakness around the resistance level. 

6. **Rejection or Breakout?**  
   The key question here is whether Bitcoin can break through the $68,300 - $68,700 resistance zone. If it does, we may see a continuation of the bullish momentum. Otherwise, a rejection here could lead to a retest of the lower support zones.

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### **Conclusion:**
Bitcoin is approaching a pivotal resistance, and traders should watch for either a **breakout** or a **pullback** to the FVG and support zones below. With stop-losses potentially getting triggered above the resistance, volatility could increase in the coming sessions.

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This analysis provides a concise view of potential movements while utilizing key technical concepts like resistance, support, and Fair Value Gaps (FVG).