BTC INTRADAY ANALYSIS

24 oct

BTC/USDT Technical Analysis Intraday
Date: 10/24/2024
Author: Crypto Rado ( Rhino Aka Bear )
Timeframe: 1H & 15M

🔹 Overview:🔹

• After completing the fifth wave in the Elliott Wave count, Bitcoin made a significant breakout of the green trendline. This move was followed by a bounce, confirmed with a bullish divergence on the 1H timeframe. The price reached the 0.5 Fibonacci retracement level, where a bearish divergence formed on the 15M chart, leading to a rejection.
  
• Typically, after such a move, we expect a retest of the broken trendline or a support/resistance flip, where the previous resistance should now turn into support. This area aligns with the 0.61 Fibonacci retracement level from this recent pump, making it a key confluence zone for a potential entry.
  
• 🔹 The entry zone 🔹 is set between $66,250 and $66,000, with a stop-loss positioned at the previous low. If this setup holds, it could form a hidden bullish divergence, signaling continuation upward.
  
• 🔹The target price 🔹is set between $67,900 and $68,260, providing a solid profit zone for this trade. Given that the risk-to-reward ratio is moderate, I’ll be reducing my risk to generate quick gains and fund future trades with less exposure.
  

Disclaimer:
⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital.