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BTC 4hr Gartley support and resistance 9/22/24 Gartley Pattern: This updated chart seems to continue the earlier observed structure, resembling a Gartley pattern. The key points in the structure are: 1. X to A: The steep uptrend from February to the peak around April/May, marking the first major leg of the pattern. 2. A to B: A decline starting from May to around June, signifying the downward retracement of the first leg. 3. B to C: The rebound from June to around August/September, forming the second leg of the W-shape. 4. C to D: The final leg is projected upward, suggesting that the price could rise again towards the $70,000 level, completing the pattern. This structure implies a bullish Gartley pattern, where a final leg to the upside is expected if the key Fibonacci retracement levels hold. Fibonacci Levels: Using Fibonacci retracements and extensions helps confirm the strength and potential of this pattern. XA Retracement (A to B): In a Gartley, the retracement from X to A (the first decline) typically hits the 61.8% Fibonacci level. In this chart, the decline from May to June retraces a large portion of the previous uptrend, indicating a strong move. The sharp retracement aligns with the idea of a Gartley. AB Retracement (B to C): The retracement of the second leg (B to C) is commonly between 38.2% and 88.6% of the AB leg. Here, the move from June to August aligns with this, forming a significant bounce. CD Extension: The last leg (C to D) typically extends to 127.2% to 161.8% of the BC leg. The projected upward movement toward $70,000 fits within this Fibonacci extension zone, which would mark the completion of the Gartley. Support and Resistance Levels: Support: Key support levels are around $48,000 to $50,000, which has been a consolidation point before the projected upward leg. This is reinforced by both the Fibonacci retracement and previous price action. Resistance: The final target of the upward move aligns with $70,000, where a Fibonacci extension matches earlier highs. Conclusion: The chart suggests a bullish continuation in Bitcoin’s price action, following the pattern's upward projection toward $70,000. The Gartley pattern and Fibonacci levels reinforce the potential for this upward move, provided the key support levels hold above $48,000. Traders might look for buying opportunities near the current support zones, while watching for resistance around $70,000.
BITSTAMP:BTCUSD
by ILL_Midas
BTC Gartley 9/22/24Gartley Pattern Analysis: The structure on the chart resembles a bullish Gartley pattern, particularly the W-shape. A Gartley pattern generally starts with a sharp movement (X to A), followed by three price swings (A to B, B to C, C to D) which often retrace at specific Fibonacci levels. Here's how it lines up: 1. X to A: The first downward leg, where the price declines, seems to be from the April high to the May low, which marks the beginning of the pattern. 2. A to B: A sharp upward movement post the decline (May to July), forming the first leg of the W-shape. 3. B to C: The retracement downward from the July peak to the late July low. 4. C to D: This last leg seems to be heading upward, as suggested by the W-shape pattern, targeting higher levels near $68,000. Fibonacci Levels: In a bullish Gartley, key Fibonacci retracement levels are critical in determining reversals within the pattern. XA Retracement (A to B): Typically, in a Gartley, the B point should retrace about 61.8% of the XA leg. This aligns with the sharp rise seen post-May, where Bitcoin rebounds significantly. AB Retracement (B to C): The BC leg should retrace about 38.2% to 88.6% of the AB move. On this chart, the drop after July seems to retrace less than 50% of the prior upward movement, suggesting the typical behavior of a Gartley. CD Extension: The final leg from C to D usually extends around 127.2% to 161.8% of the BC move. The projected upward target around $68,000 could correspond to a 161.8% Fibonacci extension, which is a typical target for the completion of the pattern. Price Targets and Outlook: The chart shows a bullish bias, especially with the Gartley pattern nearing completion. The upward projection suggests a possible rally towards the $68,000 range. Key levels: Support around $59,000, which aligns with a previous consolidation area. Resistance at $68,000, which matches both the Fibonacci extension target and prior highs from earlier in the year. This suggests that Bitcoin may experience a bullish continuation if the current uptrend holds, with potential pullbacks near $59,000 offering key buying opportunities.
BITSTAMP:BTCUSD
by ILL_Midas
Bitcoin Fibonacci levels 9/22/24Key Observations: 1. Price Level: Bitcoin is currently trading at $62,913, according to the chart. 2. Fibonacci Levels: 0.236: Around the $65,000 range, which has acted as a minor resistance. The price failed to break above this level multiple times after touching it. 0.382: Located near $60,000, which appears to have served as support in recent movements. It has acted as a consolidation zone. 0.618 and 0.786: These levels, roughly around $57,000 and $54,000, represent strong areas of support. The price previously reversed after dipping near these points, indicating buying interest. 1.618 and 2.618: These extension levels are positioned at $44,000 and $30,000. The 1.618 extension shows potential support if there is a more significant drop. If Bitcoin breaks below $50,000, we could see a move toward these levels. Interpretation of Price Action: Current Position: The price appears to be testing key resistance at the 0.236 Fibonacci level. If Bitcoin breaks and closes above this level, it could signal further upside potential, possibly moving toward the $65,000-$70,000 range. Support Levels: If the price fails to maintain the current level, a retracement to the 0.382 Fibonacci level ($60,000) seems likely. Should the price break lower, it may test the 0.618 ($57,000) and 0.786 ($54,000) support levels, where buying pressure could help stabilize the market. Downside Risk: If the price continues declining and breaks through the 0.618 Fibonacci level, we could see a sharper drop toward the 1.618 extension at around $44,000. In extreme bearish cases, the price could head toward the 2.618 extension at $30,500. Possible Scenarios: 1. Bullish Case: If Bitcoin breaks through the 0.236 resistance and continues upward momentum, we might expect a rally toward the previous high levels around $68,000 or even beyond. A sustained break above 0.236 could indicate renewed bullish sentiment, potentially driving the price back into an upward trend. 2. Bearish Case: Failure to break above the 0.236 level could result in further consolidation or even a drop toward the 0.618 level. Breaking below the 0.618 could bring a bearish sentiment, leading to a steeper correction toward $44,000 or lower. In summary, Bitcoin is currently at a critical juncture between resistance at the 0.236 level and support at the 0.382 and 0.618 levels. How the price reacts at these Fibonacci levels in the coming days could determine whether we see a continued bull run or a more significant correction.
BITSTAMP:BTCUSD
by ILL_Midas
BTCUSD Weekend Outlook - Same Targets, Watch for CorrectionsGM crypto bro's, happy weekend! This morning, the Fear and Greed Index remains in the neutral zone, sitting at 54. Overall, today's market update is pretty much the same as yesterday. The next potential target for BTC is still 65K - 66K. Keep in mind, the market is dynamic—don’t get FOMO, and always be cautious of potential corrections because anything can happen. Always manage your risk. That’s it for today’s crypto update, this is Akki signing off. One chart, one love. Have a nice day!
INDEX:BTCUSD
by x_Akki
BTCUSD Daily Outlook - Correction or Pump? Next MovesGM crypto bro's! This morning, BTC is back to the 62K range after previously hitting around 63K. The Fear and Greed Index is in the neutral zone, sitting exactly at 54, while the stoch RSI remains in the overbought zone. Today's market update shows potential for a small correction to the 61K range or maybe lower, but the potential pump target is still around 65K - 66K. Keep in mind, the market is dynamic, don't get FOMO. Anything can happen, so always manage your risk. That's it for today's crypto update, this is Akki signing off. One chart, one love. Have a nice day!
INDEX:BTCUSD
by x_Akki
Bitcoin September 19th 2024 This chart shows the weekly price action of Bitcoin (BTCUSD) from 2021 to 2024, with projections extending into mid-2025. The current price is approximately $63,458, and Bitcoin appears to be consolidating after a strong recovery from its 2022 lows. Let’s analyze the chart's key features and consider how recent Federal Reserve rate cuts may impact Bitcoin’s price in the future. Key Observations: 1. Price Level: Bitcoin is currently trading at $63,458.71, representing a significant recovery from its 2022 low near the $17,000 level. The chart shows a period of consolidation in the $60,000 to $65,000 range after a strong bullish run starting in 2023, suggesting that the market is pausing before its next move. 2. Moving Averages: The chart displays three key moving averages: A short-term moving average (yellow), A mid-term moving average (green), and A long-term moving average (white). The short-term and mid-term moving averages are trending upwards and have crossed above the long-term moving average. This "golden cross" is a bullish signal that typically indicates the continuation of an uptrend. Currently, the price is sitting slightly above these moving averages, suggesting they are acting as support levels for Bitcoin. 3. RSI (Relative Strength Index) at the Bottom: The indicator at the bottom is the RSI, The RSI measures momentum and potential overbought or oversold conditions. The RSI appears to have been hovering in a relatively neutral range, fluctuating around the midline (50). It does not show extreme overbought (above 70) or oversold (below 30) conditions, but there have been recent attempts to push above 70, which could indicate some bullish momentum. If the RSI continues to climb above 70, Bitcoin could enter an overbought zone, signaling a potential correction or consolidation. 4. Historical Context: In mid-2022, Bitcoin entered a bearish period, with a significant drop from previous highs. This was likely exacerbated by rising interest rates, which reduced liquidity and caused risk assets to underperform. The chart shows a strong recovery starting in early 2023, with Bitcoin steadily climbing back to the $60,000 level, likely fueled by improved macroeconomic conditions, including rate cuts and renewed investor interest. Impact of Federal Reserve Rate Cuts: 1. Increased Liquidity and Risk-On Sentiment: When the Federal Reserve cuts interest rates, it typically leads to more liquidity in the market, which benefits riskier assets like Bitcoin. Investors are more likely to seek higher returns in such assets when interest rates are low. The recovery and current consolidation around $63,000 may be a reflection of this dynamic. As money flows back into speculative markets, Bitcoin has benefited from increased buying pressure. 2. Bitcoin as an Inflation Hedge: Bitcoin is often viewed as a hedge against inflation. Lower interest rates can weaken the U.S. Dollar, leading investors to seek alternative stores of value, including Bitcoin. As the Federal Reserve cuts rates and potentially loosens its monetary policy, Bitcoin could see further upside due to this narrative. The RSI’s neutral reading suggests there is room for further price appreciation before reaching overbought levels. 3. RSI and Potential Overbought Conditions: The RSI is currently in a healthy range, with no signs of extreme overbought or oversold conditions. This suggests that Bitcoin’s recent price action is relatively stable and not subject to excessive speculation or panic selling. However, if the RSI moves above 70, it could indicate that Bitcoin is entering overbought territory, which might lead to a pullback or consolidation before the next leg up. This is especially important given the current price consolidation seen on the chart. 4. Outlook and Volatility: The chart shows that Bitcoin has recovered from its 2022 bear market lows, and the moving averages suggest the long-term trend remains bullish. However, volatility is always a concern in the cryptocurrency market. While the RSI does not indicate imminent overbought conditions, the potential for corrections remains, especially if the Federal Reserve changes its stance or if other macroeconomic factors come into play. The $65,000 level represents a key resistance point. If Bitcoin can break through this level convincingly, it may rally toward the $80,000 mark. On the other hand, failure to hold this range could see Bitcoin retesting support in the $40,000–$50,000 area. Conclusion: The recent rate cuts by the Federal Reserve have created a favorable environment for Bitcoin, as evidenced by its recovery and consolidation around $63,000. The technicals suggest that Bitcoin is in a stable uptrend, with moving averages providing strong support. The RSI is not yet signaling overbought conditions, indicating that there may still be room for upward movement. However, caution is warranted, as corrections are always possible, especially if Bitcoin enters overbought territory or if macroeconomic conditions change. The $65,000 resistance level is crucial, and a breakout could lead to new all-time highs, while a failure to maintain this level could see a retracement to lower support zones.
INDEX:BTCUSD
by ILL_Midas
BTCUSD Daily Outlook - Next Targets After Rate CutGM crypto bro's! Finally, the much-awaited 50bps rate cut has happened, and that's one reason why BTC pumped this morning. The Fear and Greed Index has also risen from fear to neutral, sitting at 49. Meanwhile, stoch RSI has returned to its overbought zone. Yesterday, our target was in the 61K - 62K range, and that's been hit today. So, what's next? Based on price action, the next potential zone for BTC could be 65K - 66K. The probability of a correction back to 55K is shrinking, but it's still on the table. Keep in mind, the market is dynamic, don’t get FOMO. Anything can happen, so always manage your risk. That's it for today's crypto update, this is Akki signing off. One chart, one love. Have a nice day!
INDEX:BTCUSD
by x_Akki
BTC updateBTC latest analysis update: This complex scenario will make both bull and bear suffer if they don't play it out phase by phase. I tried to keep it as simple as much possible, once you see the chart you will understand. Invalidation point: If it close 1day above 63k Imagine what people will post once BTC break 48k support! they will call 38k and 42k, it will be fake wick breaking support then head towards 70k zone then final low to 38k not before. But I might be wrong because again this is a complex structure. However, thinking as market maker this will be the perfect scenario to hit both bull and bear. What you guys think?
by Nxgencrypto
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