BTC Trading Strategy
2024-10-01

Dear traders,

After the recent decline, Bitcoin has bounced back to $63,700. Despite positive signals from Fed Chairman Powell hinting at further interest rate cuts, the cryptocurrency has not received support, as seen from the setup on the 1-hour timeframe.

The main reason for this drop is the reaction to a technical correction trend, with the price remaining stable below the 34.89 (EMA), indicating that there’s no significant reversal at the moment. On the contrary, bearish momentum is likely to increase further.

Looking at the current outlook, one particular idea that stands out to me is the formation of an inverted cup and handle pattern. If sellers hold firm at the $64,000 resistance zone, we continue to support the short-selling strategy.

Happy trading!