#BITCOIN ⟶ EXPECTED TARGETS FOR DROP!!
2024-10-09

Today's #Bitcoin Analysis
4-hour time-frame

According to my previous analysis, we expected a drop due to a gradual bullish movement while staying below the bear trend-line, which resulted in the last decline. 📉

Additionally, I mentioned that the secondary condition for the drop was the breakout of the bullish channel in this gradual movement and the support at 62755.60 in the 4-hour time-frame, which occurred. 🔻

As a result, we expect further decline. This drop could either happen from the current point or after a temporary rise to the 1-hour bearish trend-line and the resistance level of 63746.00. ⏳📉

The short to long-term drop targets are as follows:
🎯 Target 1: 61615.55
🎯 Target 2: 60774.50
🎯 Target 3: 59892.40
🎯 Target 4: 57870.40-58408.35

Note: The support zone corresponding to Target 4 is where #Bitcoin might form a bottom and re-enter a bullish phase. 🛡️📈

Stop-loss for the bearish scenario: The stop-loss is triggered by a breakout above the 1-hour bearish trend-line. If this happens, the trend will shift from bearish to bullish, and I will discuss the new targets if it occurs. 🔒📈

....................................
Today's #Bitcoin Analysis
15-minute time-frame

After the 4-hour support breakout in #Bitcoin, we observed the formation of an expanded triangle in the 15-minute time-frame, which is typically a continuation pattern (in this case, bearish). 🔺📉

Based on this, there are 3 scenarios for a drop from the first resistance zone (as mentioned in the previous analysis) according to the 15-minute time-frame:

Scenario 1: Drop from the current point
If the bearish channel breaks downward in the 15-minute time-frame and the 15-minute candle closes below 61766.00, we can expect a drop from this zone towards the targets. 📉⏳

Scenario 2: Drop based on the cup pattern from the mid-line
In this case, if there is a temporary rise within an bullish channel to the mid-line of the bearish channel shown in the image, followed by a breakdown of the bullish channel, the drop could happen based on the cup pattern. ☕📉

Scenario 3: Drop based on the rectangle pattern
If the first two scenarios don't confirm the drop and the price rises to the previous high (yellow band in the image), there's a possibility of forming a top and dropping based on the rectangle pattern. 📏📉
