BTC/USDT Analysis Update 01.10.2024

BTC has completed wave 3 of wave 1 (or wave A). Currently, it is progressing through wave 4, which typically retraces to the 0.382 - 0.5 Fibonacci levels. In this area, the hourly MA200 acts as a resistance level and a potential rejection zone. Moreover, there is a potential bearish divergence forming between wave 2 and wave 4, suggesting a likely decline after testing the MA200. If BTC breaks and holds above 66,200, it would invalidate this trading idea.

⚠️ Disclaimer: ⚠️

🚫 This is not financial advice. Trade responsibly and conduct your own research before making any decisions.🚫