Free Market Analysis for Bitcoin Week 40 (2 Oct 2023)
For this week, our free market analysis will be on crypto will be on the BTCUSDT currency pair.
BTCUSDT on the monthly timeframe is in an overall down trend after trading to the all time high at 69024 price level after which price have made some lower lows and lower highs. price have traded to 15538 which is the recent swing low, taking out external liquidity. price pulled back to 31904 which is 50% Fibonacci level which is also a major resistance level, making price to take out the internal range liquidity.
BTCUSDT on the weekly is temporary bullish as we see it making series of higher highs, price has moved up and tapped into the 50% Fibonacci level which is also a major resistance level and has rejected from that level. price has made double top chart pattern at the 50% fib. level showing a possible change in trend.
BTCUSDT on the daily timeframe has been trading in a range with resistance at 31904 price level and support at 25112 price level. price is finding it difficult to break the range as its currently trading up towards the resistance after testing the support level.
4 HOURS TIMEFRAME
BTCUSDT on the 4 hours time frame is currently bullish making series of higher highs. price is currently trading upwards to fill an imbalance it left after which we might see price changing its trend to the overall trend which is bearish.
In summary the overall trend is bearish and all timeframe is aligning to this sentiment, If the price confidently rebounds from this level, it might not be a good opportunity to consider buying on the spot market. However, at the current levels, I wouldn’t recommend selling BTCUSDT yet.
This free market analysis is not a guarantee for profitability while trading the BTCUSDT pair, but the professional opinion of the Author. We therefore advice the reader to use the free market analysis as a guide while carrying out their individual analysis.
Join me on dipprofit’s telegram community to get up-to-date news, educational materials, market insights, market analysis, AMA Sessions, crypto futures & Forex trade signals that will help you grow and become profitable.