Crucial Date - October 18: Once again, technical analysis proves its strength, with our predictions coming true 92% of the time. Bitcoin is currently trading at 68,200, the day we have been waiting for. The big question remains: will we see a real breakout or will there be a quick pullback?
Technical analysis:
Duration: It has been 42 days since Bitcoin hit a low of 52600, which is a critical period according to Gann Square and cycle analysis. This timing is ideal for either a breakout to a new high or a sharp reversal.
Bearish Divergence Formation: On the daily time frame, we have a “Bearish Divergence” formation that may indicate an imminent bearish possibility.
Targeting the 180° Price Angle: We are currently targeting the 180° Price Angle, which is a strong angle located at the 69150 level. This angle is usually considered a potential turning point for the market.
Trading volume analysis
Between 69100 and 69800:
This is where the highly leveraged shorts are concentrated, making it more likely that these contracts will be liquidated soon.
Between 61800 and 62000:
This is a critical area where long contracts are positioned with high leverage, meaning the market may seek to withdraw liquidity from this level before continuing upward.
Conclusion:
Bitcoin is in a very sensitive position, as it may witness a significant move towards the 69150 level. A break of this level will determine the next direction of the market. Be careful, as the forecast indicates strong volatility that may affect leverage contracts, and we may see a correction towards the previously predicted levels.
⚠️ Important Note: This analysis will fail if Bitcoin closes above 69200 with a full, non-neutral daily candle, which may indicate a continued rise and liquidation of shorts.
