BITCOIN - Consolidation ahead of the NFP and ahead of the rally

Oct 2

BTCUSDT.P looks favorable for continued growth in the medium term. Earlier, the market broke through the resistance formed on D1–W1 within the bearish trend, which confirms bullish hype.



In September, BTC behaved much stronger than the S&P 500 and gold; various analytical services point to activity from a large player. Overall, this is an indication of a strong market, especially against an unstable fundamental backdrop. Ahead is the NFP report, which could either strengthen the trend or temporarily hold back growth for continued consolidation. Strong data will revive hawkish expectations and increase pressure on the market, thereby potentially keeping the market within the current range for a while: 87400–83000. Weak data will remove the likelihood of an October hike and could act as a driver for further growth toward 90K–95K–100K.

Resistance levels: 87400
Support levels: 85200, 82600, 80000

Bitcoin looks favorable on the weekly timeframe. A close and consolidation above the 82600 resistance confirms the market’s bullish intentions. Ahead is resistance at 87400. Technically, consolidation in the 85000–87500 range could provoke a breakout of the upper boundary of the current range in the medium term and direct the main impulse toward 100K.

Best regards,
R. Linda!

Oct 2

Trade active