BTC UPDATE
2024-10-02

The scenario from the previous update remains intact. The $65,000 range was identified as a selling zone, with downside targets down to $42,000. Look for short setups on the daily timeframe from newly formed fair value gaps (FVG).

A short squeeze is possible, with support found around $58,000 before a break above $65,000. Targets from $68,000 to $73,777 will open up, potentially leading to new all-time highs.

If the price moves into the discount zone below $58,000, the probability of continued downside increases. Entry points for shorts can also be considered around the $52,550 level on a reaction. Long positions should not be considered in this scenario.

Safe buying should only be considered below $42,000. Any early entries should be based on setups forming on lower timeframes.

Focus on risk management: Avoid looking at timeframes lower than 4 hours.

