Market Overview
2024-10-07

WHAT HAPPENED? 

Last week, we didn’t justify the main scenario with a quick resumption of buys.

On the contrary, bitcoin showed a significant decline, breaking through 2 important buyer zones. This outcome was influenced by the escalation of the conflict in the Middle East.

Nevertheless, we’ve found support at the next zone and are already forming a reversal formation. 

  WHAT WILL HAPPEN: OR NOT? 

At the moment, we’re at the mirror sell zones that formed during the decline at the beginning of the week. Locally, we should expect a decrease.

The priority scenario is the resumption of the upward movement through the test of a large volume zone of $62,600—$60,800, which we’re already positioning to buy. 
The target for the movement is $67,000. 

 Buy zones:  $62,600-$60,800 (volume zone), $57,000-$56,400 (volume zone).

 Sell zones:  $63,450-$64,000 (volume zone), $64,300-$65,000 (mirror zone), $66,500-$68,200 (volume zone), $72,000 level (seller market activity).

  IMPORTANT DATES 

 Macroeconomic developments this week: 

• Wednesday, October 9, 1:00 (UTC) — announcement of the New Zealand interest rate decision;
• Wednesday, October 9, 18:00 (UTC) — publication of the US FOMC protocols;
• Thursday, October 10, 12:00 (UTC) — publication of the basic consumer price index for September, the consumer price index for September and for the entire past year, the number of initial applications for US unemployment benefits;
• Friday, October 11, 6:00 (UTC) — publication of UK GDP for August and German consumer price index for September;
• Friday, October 11, 12:30 (UTC) — publication of the Producer Price Index (PPI) USA for September.


 *This post is not a financial recommendation. Make decisions based on your own experience.  
