$BTC BTC Daily Trend Analysis 25.10.24
Current Price 111350 @williamyuan
Market Analysis:
Currently experiencing a downward consolidation,
Overall trend has shifted from wide fluctuations to narrow fluctuations,
Due to being at the intersection of multiple resistance levels and trend lines.
Market movement has become very unclear.
Not favorable for trend traders to place orders.
Technical Analysis:
Currently forming a descending triangle continuation,
This is a consolidation behavior during the downward process.
It indicates that a major direction is about to appear!
Patience is advised.
Note: There is a probability of forming a head and shoulders top, if established, it will be bearish!!!
Market Simulation:
Due to multiple indicators intertwining and resonating,
It's highly likely that we will enter a narrow range consolidation over the weekend.
If next week fails to break through
The trend resistance level or daily resistance level 11300-115000
Then a significant drop is imminent!!!
Key Levels:
Trend Resistance Level: 113500-115000 Bullish liquidity acquisition
Daily Support Level: 100850 Bull-Bear Divide
Action Suggestions
Current Trend: Consolidation
Bullish Strategy: Liquidity Acquisition
Ent: 110500
TP1: 113000 Four-Hour Resistance Level
TP2: 115500 Daily Resistance Level
Pattern: 116500 Weekly Resistance Level
Bearish Strategy: Patiently wait for the head and shoulders top to form (Recommended)
Short at the resistance level
ENT: 113000-115500
TP1: 108000
TP2: 104500
Summary: Weekend consolidation, next week will rise first and then fall
Personal opinion, wait for the head and shoulders resistance level for a high-value short
