Bitcoin BTCUSD Daily Market Analysis - Sep 28, 2024 by K9 Investments Trading

Updated: Oct 9

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Intraday Signals (BTCUSD)

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BUY Signal: Enter long at $65,600 with a target of $66,500 and a stop loss of $65,100.
SELL Signal: Enter short at $66,000 with a target of $64,800 and a stop loss of $66,500.

Bitcoin BTCUSD Technical Analysis - Sep 28, 2024

Bitcoin's current live price of $65,860 is showcasing interesting movement patterns driven by a mix of technical indicators. This price level is positioned between critical support and resistance levels, presenting both buying and selling opportunities for intraday traders.

Fibonacci retracement:

Starting with the Fibonacci retracement, the 61.8% level from the previous major swing low is positioned around $65,300, which coincides with a significant support zone. Traders should watch for a bounce at this level, as the market may seek to revisit higher levels, potentially reaching the 78.6% Fibonacci zone around $66,500.

Exponential Moving Averages (EMA):

Moving on to the Exponential Moving Averages (EMA), Bitcoin is trading just above the 100 EMA on the daily chart, which sits at approximately $65,500, suggesting some bullish pressure. However, the 200 EMA is nearby at $66,200, which could act as resistance. A break and close above the 200 EMA could signal further upward momentum, while failure to break could lead to a downward move. The 400 EMA, resting at $63,500, acts as a distant safety net of support.

Relative Strength Index (RSI):

The Relative Strength Index (RSI) divergence on the 4-hour chart shows a bearish divergence, indicating that despite the current uptrend, momentum is waning. A short-term pullback is possible if prices fail to maintain above the $66,000 resistance zone.

When it comes to Smart Money Concepts (SMC), Bitcoin appears to be consolidating in a distribution phase between $64,800 and $66,500, indicating that larger market participants might be preparing for a significant breakout. Weekly pivots show the main pivot at $65,800, aligning closely with the current price, indicating this is a crucial decision point for the market.

Key support levels:

Key support levels for today’s trading are at $65,300 and $64,800, with resistance at $66,000 and $66,500. Watch for reactions at these levels, as price action around them will dictate potential breakout or reversal trades.

In the short term, the 4-hour chart indicates that the daily pivot sits around $65,800, reinforcing its importance as a critical level. The weekly pivot of $65,600 aligns perfectly with the current price action, making it a must-watch level for possible volatility spikes.

Summary: Key Levels for BTCUSD

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Support (4H/1D): $65,300 / $64,800
Resistance (4H/1D): $66,000 / $66,500
Fibonacci Levels: 61.8% at $65,300, 78.6% at $66,500
Daily Pivot: $65,800
Weekly Pivot: $65,600

EMAs:

100 EMA at $65,500
200 EMA at $66,200
400 EMA at $63,500

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