FxNews—Bitcoin exceeded today’s trading session’s $63,200 critical pivot and the 100-period simple moving average. This mark was backed by the Fibonacci cluster, the 50%, and the 61.8% retracement levels.
As of this writing, the digital gold is testing the broken resistance as support, trading at approximately $63,520. The BTC/USD 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.
Bitcoin Technical Analysis – 7-October-2024
The primary trend should be considered bullish because Bitcoin crossed above the 50- and 100-period simple moving averages.
Additionally, the Awesome oscillator backs the new bullish wave that began from the 50% Fibonacci retracement level at $59,500. The AO’s histogram is green, above the signal line, and the value is rising.
However, the Stochastic oscillator signals an overbought market, meaning the Bitcoin price could be saturated by buying pressure. Hence, before the uptrend resumes, the BTC/USD price might experience a consolidation phase near the lower support level, the 50-period simple moving average.
As for the Supertrend indicator, the BTC/USD price crossed above the indicator’s line, signaling that the bull market will likely gain more momentum.
Overall, the technical indicators suggest the primary trend is bullish, and the Bitcoin price should rise to upper resistance levels.
Bitcoin Price Forecast – 7-October-2024
The primary trend is bullish, and the immediate support rests at $62,500, the October 4 high. If Bitcoin’s price maintains its position above the immediate support, the new bullish wave from $59,500 will likely target the September 2024 high at $66,700.
Please note that the bull market should be invalidated if the BTC/USD rate dips below the $62,500 immediate support.
Bitcoin Bearish Scenario – 7-October-2024
Bitcoin peaked at the 61.8% Fibonacci retracement level at approximately $64,280 today. If bears push the price below the immediate support at $62,500, the 61.8% could become a new higher low.
In this scenario, the Bitcoin price could decline toward the 38.2% Fibonacci at $61,190. Please note that if the Bitcoin price crosses the 100-period simple moving average, it will be the main resistance level for the bearish scenario.
Bitcoin Support and Resistance Levels – 7-October-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $61,190 / $59,500 / $57,765
- Resistance: $63,200 / $64,280 / $66,700
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
