BTC View
2024-10-07

Based on the 1-hour timeframe Bitcoin chart you uploaded, the price is currently around $63,719.99 and approaching a key zone. The analysis shows several support and resistance areas that could influence the price movement.

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Key Zones:
Resistance Area (Red Box at $64,000 - $65,000):

This zone acts as a daily resistance. If the price fails to break above this level, we could expect a price decline. This area serves as a ceiling where more sellers might enter the market.
Support Areas (Green Boxes):

Around $62,000: This is a strong support level, which may act as a rebound point if the price drops.
Around $61,000: If the price continues falling, this could be another significant support area.
Around $59,000: This is the strongest support level on the chart. If the higher supports break, this zone will be critical for a potential reversal or consolidation.
Two Possible Scenarios:
Bullish Scenario:

If the price breaks above the $64,000 - $65,000 resistance zone, we could see further upside momentum, potentially targeting $66,000 or higher.
Bearish Scenario:

If the price fails to break the resistance and reverses downward, the next downside targets are around $62,000, then $61,000, and potentially down to $59,000 if the decline continues.
Conclusion:
At the moment, if the price struggles to break this resistance zone, a short trade could be logical, especially if weakness near resistance is confirmed.
For a long trade, it’s best to wait until the price breaks through the $65,000 resistance level with strong volume.
Suggestion:
For a short position, observe the price action around the resistance zone. If the price fails to break higher and shows signs of weakening, this could be a good entry point for a short trade.





