Lower, But For How Long & How Low? Bitcoin Weekly
2024-10-04

Looking at this chart, Bitcoin weekly, we can see that the shortest down-move since the start of the correction in March 2024 has been a period of two weeks...

Good afternoon my fellow traders, I hope you are having a wonderful day.

Since the start of the correction in March, we have been experiencing a pattern of lower highs and lower lows. After a price bounce that lasted three weeks, three weeks green, Bitcoin is now resuming its down move.  Bitcoin is moving lower but for how long and how low? 

Bitcoin is now moving weekly below EMA8, EMA13 and EMA21. Closing this week below these levels (61,100-61,450) would produce a very strong bearish signal.

➢ The total duration for the current drop can vary between three  to six weeks, that is 3-6 weeks with Bitcoin moving lower and closing red.

➢ The support range in question for this drop remains the same as mentioned previously, ~$40,000 the first, easy and main target, followed by the $26,000 to $33,000 price range.

We will keep this one short as we know your time is highly valuable.

Thank you for reading.

You are always appreciated.

I hope that I can count with your continued support.

Namaste.