#BITCOIN⟶CRITICAL SUPPORT LEVEL (IS A BIG MOVE COMING?)
2024-10-12

Bitcoin Analysis Summary
Time frame: 15 minutes

In the previous analysis, we mentioned that this is an important resistance area (bearish trendline on the 1-hour time-frame and the resistance range 62,571.55-62,755.61). If this resistance is broken-up (on the 1-hour time-frame), the bullish move will continue from here toward the targets we discussed in yesterday's analysis 📈.

However, if #Bitcoin dips before breaking and holding above this resistance cluster, and breaks the 1-hour time-frame channel (which started yesterday’s dip) downward, it will experience another dip before starting the bullish trend, falling to the support range of 57,868.51-58,410.33 🔻.

Now, we can get a clear view from the 15-minute time-frame and determine the next move:

Given that the dip from the resistance cluster has been gradual, and we're still above the daily support level (62,015.07), there is a tendency for the bullish move to continue from this point 📊.

Toward targets of 63,942.49, 65,344.99-65,683.10, and 68,546.30 🎯.

So, even if a dip happens, we consider it temporary, with a potential retracement to the 62,015.07 support. This support could once again push #Bitcoin into a bullish phase 🚀.

Stop-loss for this bullish scenario: A deeper dip is only possible before the bullish trend starts if the 62,015.07 support in the 15-minute time-frame is broken-down. In that case, we could see a deeper dip, potentially down to 58,685.15, where a bottom could form, leading to the main bullish trend 💥.
