BTCUSDT Market Trend At The Daily Time Frame.
2024-09-09

Hello,

The trend is currently ranging between 70022.00 and 52741.67, so some additional patience will be required for this market.

We have a major resistance level at 67826.31, which is keeping the price trending bearish below 60336.81. We might see a minor bullish pulse followed by a drop to a lower low at Elliott Wave 4, or the bullish pulse could be significant enough to reach previous highs. This condition indicates a ranging market.

If the market drops to the Elliott Wave 4 low, it will still be uncertain whether that low will hold as support or break. For now, only if the price goes above 71773.89 and forms a strong higher low will there be potential for a market shift to bullish. Until that happens, this remains a bear market.

The current market structure is H-L-(H)-LH, and the LL is in question because a HH did not properly form for "(H),"  making 72525.81 the argument of the current price due to pin rejection.

 Overall conclusion : The market is currently in a state of uncertainty, oscillating within defined ranges. Watch for key support and resistance levels and potential shifts in market structure and such key levels at 60336.81 and 71773.89. Any significant movement above these figures could indicate a potential shift in market dynamics, - but until then, the bearish sentiment is likely to persist.

Happy Trading,
K.

