BTCUSDT: Facing Resistance at $64,000 – Correction or Breakout?
2024-10-07

On the BTCUSDT 4-hour chart, we see that Bitcoin is approaching a strong resistance zone around $64,000 and has the potential to move towards $66,000. However, there are some technical factors to note:

 1. EMA 34 and EMA 89: 
The EMA 34 (blue) and EMA 89 (purple) are below the price, indicating that the short-term uptrend is dominant. These lines act as dynamic supports for Bitcoin in the short-term.

However, the price touching $64,000 could trigger a short-term correction before Bitcoin continues its upward momentum towards the $66,000 region.

 2. Support Zones: 
Short-term support zone: Located around $62,400 - $62,500, this is an area that the price has touched and bounced off many times in the past few days. This could be the point where the price will retest if there is a correction.

 3. Correction scenario: 
After hitting the resistance level of $64,000, Bitcoin price could correct back to the support zone of $62,500 before bouncing back. This is a fairly common short-term correction scenario after strong price increases.
After retesting the support zone, if the price continues to hold, there is a high possibility that the price will continue to increase and target the level of $66,000.

 4. Trading strategy: 
Short-term buying strategy: Traders can consider buying opportunities when the price corrects back to the support zone of $62,500, placing a stop loss below $62,000. The profit target will be the resistance zone of $66,000.

Short-term selling strategy: If the price fails to hold the $62,500 support zone, traders can consider entering a sell position with the target of revisiting lower support levels around $61,300.