BTC Downtrend Scenario and Key Levels
2024-10-02

BTC seems like it is following this daily downtrend channel, and seems to be reversing from the top of the channel. 

All the timeframes (Daily, 4H, 1H, and 15 Min) are screaming downtrend.  

We saw that it retested the downtrend resistance at 61125 level and looks like it might retest it. We have 5 minutes left in 4H timeframe so will need to wait for it to close and see how price reacts to it. 

Will wait for short long entry if the price breaks the 15 min key level and will have the target at the 1 Hour Key Level. (But chances are low).

I feel like we will go down further till 59200 area where the 1 Hour strong demand zone is. If we break that, then we might see 54000 - 50000. 

Waiting on the sidelines until I see any clear structure or pattern forming. I feel safe that way. 

Good luck and happy trading! 