Will Bitcoin Explode or Plunge? “Uptober” Hangs in the Balance!

1 year ago 289

Bitcoin’s Weekly candle closes below crucial Support, signaling that bears might still have the upper hand.
Despite hopeful whispers of “Uptober,” the crypto market grows tense as traders anticipate the next move.
Bear Flags wave across key charts as critical levels fail to hold on retests. Is the rally fading?

Bitcoin Struggles in the Early Days of “Uptober”

The much-anticipated “Uptober” has had a rocky start as Bitcoin falters, closing below a significant weekly Support at approximately $63,813. A close above this level could have signaled a potential climb to retest the $70,000 mark, but the breakdown now suggests that Bitcoin faces an uphill battle to reclaim Resistance. Will the bulls make a comeback, or is a deeper pullback looming?

Liquidity Battles Rage Around Key Levels

Looking at the Bitcoin chart, you’ll notice the 1 Fibonacci level at $63,814, with potential volatile swings of 8-10% in either direction to the next key Support or Resistance level. With liquidity stacked on both sides, this range serves as a key indicator for considering whether to go long or short when the opportunity arises.

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Tracking the US500: A Key Indicator for Crypto Trends

Keep your eyes on the US500! While many traders ignore it, I believe the correlation between the US500 and the cryptocurrency market is undeniable. Currently, the US500 is brushing up against a critical Fibonacci reversal point at the 113 level, and has failed multiple breakout attempts so far. Whether it breaks up or down could set the tone for Bitcoin’s next leg.

Is USDT ($1.00).D Signaling a Bitcoin Pullback?

In contrast to the US500, I’m closely monitoring USDT Dominance (USDT.D) to back up my Bitcoin theory. USDT.D just bounced off a key level at the 0.382 Trend-Based Fib Level (5.52%), with a hammer close above the 50EMA. This could suggest we might see another Bitcoin pull back again before any potential rally. Caution is warranted in my opinion.

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Written by Matthew Stella. At the time of writing this article, Bitcoin was trading at $62,463.

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. The author takes no responsibility for any financial losses incurred as a result of trading or investing based on the information provided. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.

The post Will Bitcoin Explode or Plunge? “Uptober” Hangs in the Balance! appeared first on Crypto News Australia.

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