#Bitcoin Update – Friday, 04.10.2024
2024-10-04

As-salamu alaykum and Good Morning to All Brothers and Sisters!

#Bitcoin is showing signs of a potential reversal 🔍. For the past two days, the price has struggled to break through the Yellow Area (Arrow #5), and it seems like the bears are losing some of their momentum at this point. Below, I’ve updated the latest support and resistance levels, which remain the same on both the 4-hour and daily charts. As I mentioned in my last analysis, we saw a wick nearly reaching the second support level (Black Line), and within this zone, we also have a crucial convergence point—the Yellow and Black M.S Line.

What’s Next?

If Bitcoin can break through the first resistance line, we may see a potential reversal movement take shape. However, be cautious: this is not yet a confirmed reversal signal, but more likely a retracement. A true reversal confirmation will only come when the price can break the Black Line (Arrow #2).

On the flip side, the bearish scenario is quite straightforward. If the Yellow Area and the Yellow Line are breached and we see the price fall beneath the Black Line, this could signal a bearish trend, and we might witness further downside.

#Alts (Altcoins)

Altcoins have continued to drop alongside Bitcoin, with most showing greater weakness. However, if Bitcoin begins a retracement, we could see a rally in alts as well. I will be updating my signal list throughout the day, highlighting short-term profit areas for those looking to make quick gains.

Stay vigilant—whether it’s a reversal or just a retracement, the next few movements will be crucial. Protect your trades, and don’t rush into decisions without proper confirmation.

Stay tuned, and I wish you all a very profitable week ahead. May your trades be successful and your day productive!

Stay safe, and have a great day!