Bitcoin Analysis
OCTOBER 9th, 2024
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⚪️TECHNICAL (DAILY)
The price action on the H4 timeframe has broken down its support trendline and faced rejection from its resistance trendline, signaling a continued bearish sentiment.
Given this, we can expect the price action to target and grab liquidity from the demand zone.
After this liquidity grab, it is likely that the price action will respect its next support region, potentially leading to a short-term bounce.
However, any failure to hold at this support could open the door for further downward movements.
Monitoring this zone is crucial to assess potential reversal or continuation patterns. 📉
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$BTC DAILY RANGE:
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(+-4.86 based on moving average volatility open/endpoints)