Bitcoin Forecast Video for 10-01-2024
Bitcoin Technical Analysis
The Bitcoin market fell a bit during the trading session on Tuesday, but only just a bit. At this point, the market is currently threatening the $47,500 level, an area that has been important multiple times on longer term charts. In fact, this was my target, so now I’m at a little bit lost as to putting any more money into this market. I think at the very least, you need to see this market pull back a bit and offer some value. It’s obvious that Bitcoin has been extraordinarily bullish for some time, and of course a lot of headlines out there will continue to look good for the market, but right now we may be still stuck in a pattern of trying to build up enough momentum to finally break the major barrier as we just broke out of a small consolidation region.
We just broke out of this recent consolidation area, which had seen the $45,000 level offer a bit of a brick wall. That level, or at least that area, should be rather supportive on pullbacks now, especially with the 20-day EMA offering support just below it. Underneath there, we have the $40,000 level, an area that has proven itself to be important for about five or six weeks now. So, I think that is your next major support barrier that you need to assume will hold. The 50-day EMA hangs around there as well, so it makes it even more interesting.
As far as buying is concerned, I do want to find dips, but if we were to get a daily close above the $48,000 level, I believe that opens up a move to the $50,000 level next. A lot of this is speculation on a Bitcoin ETF coming out, but quite frankly, that will have been priced in the market by the time it actually happens. I anticipate that when that announcement comes, Bitcoin will probably jump, only to see a sell the news type of behavior. It won’t change the overall trend, but a lot of people will be caught on the wrong side of the trade when it happens.
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