Bitcoin Technical Analysis – 1-October-2024

FxNews—Bitcoin‘s bearish wave, which began at $66,700, eased near the $62,770 support, backed by the 100-period simple moving average. Subsequently, the digital gold bounced from the 100-SMA today, testing the $64,280 resistance.

The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.

Bitcoin Technical Analysis - 1-October-2024
Bitcoin Technical Analysis – 1-October-2024

Bitcoin Technical Analysis – 1-October-2024

The Awesome oscillator divergence signal anticipated the recent dip in Bitcoin value. Currently, the AO’s histogram is below the signal line, and the recent bar turned green, meaning the bull market is strengthening.

Bitcoin Technical Analysis - 1-October-2024
Bitcoin Technical Analysis – 1-October-2024

The BTC/USD primary trend should be considered bullish because the price is still above the 100-period simple moving average.

Overall, the technical indicators suggest the main trend is bullish and should resume.

Bitcoin Forecast – 1-October-2024

Bitcoin Forecast - 1-October-2024
Bitcoin Forecast – 1-October-2024

The immediate resistance aligns with the September 23 high at $64,280. If the buyers push the price above this mark, the Bitcoin bull market resumes. If this scenario unfolds, the bounce from $64,770 will likely aim for retesting the $66,700.

Furthermore, if Bitcoin’s value exceeds $66,700, the next bullish target could be the $70,000 psychological level, which coincides with the July 29 high.

Please note that the bull market should be invalidated if the BTC/USD rate falls below the $62,770 resistance or the 100-period SMA.

Bitcoin Bearish Scenario – 1-October-2024

Bitcoin Bearish Scenario - 1-October-2024
Bitcoin Bearish Scenario – 1-October-2024

If bears (sellers) pull the price below $62,770 and stabilize it below the 100-SMA, the downtrend can target the September 17 high at $61,190.

If the selling pressure drives the price below $61,190, the decline could extend to the next resistance level, $57,765, the September 16 low.

Bitcoin Support and Resistance Levels – 1-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: $62,770 / $61,190 / $59,500
  • Resistance: $64,280 / $66,700 / $70,000

Latest Posts

Bitcoin Analysis: Technical, Fundamental & News

Discover the latest Bitcoin analysis with our expert insights....

GBPUSD Analysis: Technical, Fundamental & News

Discover the latest GBPUSD analysis with our expert insights....

EURUSD Analysis: Technical, Fundamental & News

Discover the latest EURUSD analysis with our expert insights....

EURUSD began consolidating from 1.017: rose 0.85%

EURUSD began consolidating from 1.017 and rose 0.85%, trading...

Litecoin Gained 7.1%: What’s the Next Target?

Litecoin gained 7.1%, marching slowly toward $100.0. The uptrend...

Gold Exceeded $2665: Now Overbought!

Gold exceeded $2665 resistance. However, robust buying pressure made...

Bullish Symmetrical Triangle Signals NATGAS Breakout

NATGAS trades sideways in a low-momentum market inside the...

Crude Oil Holds at $72.8 After Initial Price Dip

Crude Oil price dipped from $75.24, testing the %50.0...

Gold Stays Below $2665 Ahead of US Economic Data

On Monday, the price of gold remained below $2,665...

US Gasoline Futures Hit $2.07 Amid Oil Surge Amid Oil Surge

Gasoline futures in the US have climbed past $2.03...

NATGAS Dips 14% Amid Low Storage Draws

Natural gas prices in the U.S. fell sharply by...

WTI Crude Slips From $74 as Dollar Strengthens

Crude oil prices for West Texas Intermediate (WTI) dipped...

NATGAS is Hit $4 As the Year Ends

NATGAS hit $4.0, trading in a robust uptrend. The...