Bitcoin Analysis - The big picture
2024-10-08

Looking at the BTC 4H here. We see that the price is currently hitting the H4 Key Level and safety zone and rejecting from there strongly. 

Based on the price action, I feel we're on the move down with the strong rejection. The price is likely to test the trendline, and bounce back, try a retest of the key level. Depending on whether the price is able to break the retest or not, we will see a new move to the either side. 

There are some good scalping opportunities during this move that one can take using the smaller time frames till we see a clear direction from BTC. 

Currently, I'm waiting on a confirmation pattern or a price action to confirm the move to the downside. All we see right now is a rejection from the key levels. It is also possible that BTC will retry to break the zone again which is why a confirmation pattern is really important to take a trade. 

Just a simple analysis. I'll be doing a deeper one later when I have some time. 

Hope this helps and happy trading! 