BTC/USDT 50MA CHART ANALIYSIS  !
2024-10-04

The BTC/USDT 1-day chart shows a crucial confluence area, with the 50-day moving average (5OMA) acting as support. Here is a detailed analysis: The resistance area is a strong horizontal resistance area marked in red between $66,000 and $72,000. This area has historically been a supply zone where sellers emerge.

Bitcoin is currently holding above the 50-day moving average (red line). This level is important because traders often use it as a key dynamic support or resistance point.

The chart has a green arrow pointing to a potential upside move. If Bitcoin can maintain support above the 50-day moving average and break the descending resistance (white trendline), it could challenge the $66,000-$68,000 area. Failing to sustain above the 50-day moving average could push the price towards the lower green trendline, around the $55,000-$58,000 area, which acts as a broad support zone.

Bitcoin is in a crucial range, with bullish potential if it breaks above the descending trendline and crosses the $66,000-$72,000 resistance zone. However, a breakdown below the 50-day moving average could trigger further declines.

Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.

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