BTCUSDT October 8 2024
2024-10-08

Morning All.

Please note this content is AI generated but the levels are mine 

Bearish Scenario:
Resistance at 62435.74: This is a significant supply zone, acting as a strong resistance point. If BTC moves up to this level, it could face selling pressure, potentially leading to a rejection.

Support Levels:

61796.49: This level serves as a key support. If BTC holds above this level, it might prevent further downside.
Uptrend Support:

61558: This is another level to monitor for uptrend support. If BTC can maintain this level, the uptrend remains intact.
Supply Zones:

61204.57: This could also act as a supply area, where sellers might emerge if BTC weakens.
Demand Zones:

61761.447: A demand zone near the support level of 61796.49. This could provide temporary support if tested.
60328.13: If bearish momentum intensifies, this level may serve as a deeper demand zone.
59709.38: The final demand zone in this range, which could be crucial in halting the downside pressure.
Bounce Scenario:
If BTC hits 61796.49 or 60328.13, there is potential for a bounce back toward the 62435.74 resistance level. These demand zones might attract buying interest, triggering a reversal or a short-term rally.
Strategy:
Bearish Side:
Watch the 61796.49 support and the 60328.13 demand zone. If BTC breaks these levels, bearish momentum could accelerate, pushing the price toward the next demand at 59709.38.
Bullish Bounce Potential:
A bounce from either 61796.49 or 60328.13 could lead to a retest of the 62435.74 resistance level.
Keep an eye on volume and price action near these levels for confirmation of direction. This could help you anticipate potential bounces or breakdowns.