Introduction.
Bitcoin is still following the Elliott wave pattern, with its price movements displaying a clear and consistent adherence to the principles of wave theory. This suggests that market sentiment and investor behavior align with the Elliott waves’ fractal nature. It provides valuable insights for traders and analysts as they navigate the cryptocurrency market.
Rejection:
The price was rejected from $28,500, which aligns with our earlier analysis and expectations. This rejection at the $28,500 level confirms the accuracy of our previous forecast. It underscores its significance as a critical resistance level for traders and investors to closely monitor for potential trend reversals or further price developments.
If this pattern continues, we will likely witness a sustained downtrend in the Bitcoin price. This would imply that the market dynamics and technical indicators align with the current bearish trajectory, potentially leading to further price depreciation in the near future. Traders and investors should exercise caution and closely monitor key support levels and market sentiment to make informed decisions in this evolving landscape.
Crucial Level:
Immediate support for Bitcoin can be identified at the crucial $27,200 level. This support level has held firm in recent trading sessions, serving as a critical pivot point for price action. However, it’s important to note that a breach below this level could trigger a potentially significant downside movement, with the next major support zone likely lying around $26,500.Traders and investors should closely monitor price developments around these levels as they can provide important signals for market direction and potential trading opportunities.
Critical Resistance:
For a bullish move to materialize, Bitcoin faces a critical hurdle that must be overcome, and that is the critical resistance level at $29,000. Breaking above this pivotal point would signify a potential shift in market sentiment and could pave the way for a sustained upward trajectory in Bitcoin’s price. Traders and investors should closely watch for any signs of strength or momentum near this level as it could signal a bullish trend reversal
Crypto News.
Why is the crypto market up today?
BTC price knocks on $28.5K as trader says Bitcoin ‘reeks of disbelief.
Bitfarms increases mining pace, generating 411 BTC in September.
Sam Bankman-Fried FTX trial — 5 things you need to know.
Revenue surges over 10,000 ETH, and TVL tops 30,000 ETH.
Buy opportunity:
Bullish sign: Link has formed a bullish engulfing pattern on the monthly time frame, which is a strong bullish signal.
Support level: The bullish engulfing pattern formed exactly on a support level, which suggests that the bulls are in control.
Long-term potential: Link is a good project with a strong team and active development. This suggests that it has long-term potential.
There is an opportunity to buy Link on the dip, between $7.469 and $6.982.
Target: We can expect a good upside move in this coin.
1st Target – $8.15
2nd Target – $8.80
3rd Target – $9.443
Stoploss: If the daily candle closes below $6.520, then we should exit the trade.
Table: Key Details of Bitcoin and Link Analysis
| Elements | Description |
|---|---|
| Bitcoin Rejection | Caution is advised for Bitcoin traders due to potential downtrend; emphasis on closely monitoring support and resistance levels. |
| Crucial Support Level | Immediate support at $27,200; critical pivot point for price action. A breach may trigger significant downside movement. |
| Critical Resistance Level | Bitcoin faces critical resistance at $29,000; breaking this may signal a potential shift in market sentiment. |
| Link Analysis | Rejection from $28,500 confirming forecast accuracy; a potential indication of a sustained downtrend. |
| Link Buy Opportunity | The buying opportunity for Link suggested between $7.469 and $6.982. Targets: $8.15, $8.80, $9.443. Stop-loss if the daily candle closes below $6.520. |
| Link Short Opportunity | Short opportunity for Link suggested above $7.8; SL above $8.1. Risk-reward TPs: R1 – 7.5 (move SL to BE), R2 – 7.2, R3 – 6.9, R4 – 6.6. |
| Crypto News Highlights | Key news highlights in the crypto market, including BTC price movements, mining pace, and trial updates. |
| Emphasis on Vigilance | Caution advised for Bitcoin traders due to potential downtrend; emphasis on closely monitoring support and resistance levels. |
| Analyzing Market Dynamics | The post provides insights into market dynamics and technical indicators, guiding traders and investors in making informed decisions in the evolving landscape of the cryptocurrency market. |
Alternate short opportunity for link:
The long signal remains valid. While we wait for the price to drop this one is for short.
Short entry above 7.8
SL above 8.1 (risk 3.85% – invest 2.6% per 0.1% capital risk).
Risk Reward TPs:
R1 – 7.5 (move SL to BE)
1st Target R2 – 7.2
2nd Target R3 – 6.9
3rd Target R4 – 6.6
Conclusion:
In conclusion, Bitcoin continues to follow the Elliott wave pattern, reflecting market sentiment and investor behavior in line with the principles of wave theory. The recent rejection from the $28,500 level aligns with earlier forecasts, emphasizing its significance as a critical resistance point. The possibility of a sustained downtrend underscores the importance of caution for traders and investors. Key levels, such as the crucial $27,200 support and the critical resistance at $29,000, play pivotal roles in shaping future price movements. As the market dynamics evolve, staying vigilant and monitoring both support and resistance levels is essential for making informed decisions in this dynamic cryptocurrency landscape.
FAQs:
Q1: What is the immediate support level for Bitcoin mentioned in the update?
A: The immediate support level for Bitcoin is identified at the crucial $27,200.
Q2: What does the rejection from the $28,500 level indicate for Bitcoin’s price trajectory?
A: The rejection from the $28,500 level confirms the accuracy of previous forecasts and suggests a potential sustained downtrend in Bitcoin’s price, indicating a bearish trajectory.
Q3: What is the critical resistance level that Bitcoin needs to overcome for a bullish move?
A: Bitcoin faces a critical resistance level at $29,000, and breaking above this point could signify a potential shift in market sentiment, paving the way for a sustained upward trajectory.
Q4: What bullish signs are mentioned for the cryptocurrency Link, and at what levels is a buying opportunity suggested?
A: Bullish signs for Link include a bullish engulfing pattern on the monthly time frame, forming exactly on a support level. A buying opportunity for Link is suggested between $7.469 and $6.982.
Q5: What are the suggested targets and stop-loss levels for the Link buy opportunity?
A: The suggested targets for the Link buy opportunity are $8.15 (1st Target), $8.80 (2nd Target), and $9.443 (3rd Target). The stop-loss level is if the daily candle closes below $6.520.
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