#Bitcoin Update – Wednesday, 30.10.2024
2024-10-31

As-salamu alaykum and Good Evening to All Brothers and Sisters!

#Bitcoin has made a massive jump, just as predicted in my last analysis! We've successfully hit our first two Take Profit (TP) targets, marking a significant achievement. However, the price faced rejection at the upper side of our Yellow Area. This could mean that a retracement is on the horizon, although it’s not yet confirmed. I’ve outlined all the crucial support and resistance levels on the chart, which will guide us in understanding Bitcoin’s next potential move if the retracement is confirmed.

What's Next?

If a retracement is confirmed, we might see a slight price drop over the next few days. This drop could reach as far as levels marked by Arrows #4, #5, and #6, potentially retesting the previous all-time high. The Red Line at this level is particularly important. If the price does pull back to these levels, it will likely retest and consolidate support, setting the stage for a new all-time high run! Let’s keep a close eye on these key points, as they will be essential in preparing us for the next major move.

#Alts (Altcoins)

Altcoins are currently in a delicate position due to rising Bitcoin dominance, now above 60%, which is considerable. When Bitcoin pumps, a few altcoins may perform well, but during even a small Bitcoin pullback or retracement, many altcoins tend to lose value by double digits. This is why I’m holding off on updating my altcoin list for now. I recommend waiting on altcoin trades until we see some retracement in BTC.D (Bitcoin Dominance).

Stay tuned for more updates, and as always, I wish you all a profitable week ahead. Let’s keep the energy up and make the most of these moves! Have a fantastic day!

