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Writer's pictureK9 Investments
3 days ago4 min read

BTCUSD Daily Market Analysis 19th OCT 2024 by K9 Investments Trading

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The BTCUSD pair is trading at $68,405 USD


✳️ BTCUSD Intraday Signals by K9 Investments Trading

🥇 FREE Telegram Channel: @K9_Investments_GoldTrading


1️⃣ Buy Signal:

  • Entry: $68,300

  • Stop Loss: $67,850

  • Take Profit 1: $69,000

  • Take Profit 2: $69,800

2️⃣ Sell Signal:

  • Entry: $68,700

  • Stop Loss: $69,100

  • Take Profit 1: $68,000

  • Take Profit 2: $67,400

⚠️ Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital, and you should only trade with money you can afford to lose. Ensure that you fully understand the risks involved and seek independent advice if necessary. Read and ensure you fully understand our Risk Disclosure. Not Financial Advice. Trade at your own risk. Take Partial Profits, Use Strict Stop Loss, and Proper Risk Management.


🔍 BTCUSD Market Analysis – Technical Overview

1. Support and Resistance Levels:

  • Daily Time Frame:

    • Support Levels: $67,500, $66,200

    • Resistance Levels: $69,000, $69,800

  • 4-Hour Time Frame:

    • Support Levels: $67,900, $67,200

    • Resistance Levels: $68,900, $69,600

2. Fibonacci Retracement Levels:

Based on the most recent daily swing high at $69,800 and swing low at $66,000, the following Fibonacci levels apply:

  • 23.6% retracement: $67,900

  • 38.2% retracement: $68,300

  • 61.8% retracement: $68,900

These retracement levels are critical zones where potential reversals or continuations may occur. Traders should monitor these levels for key price reactions.

3. EMA (Exponential Moving Averages):

  • Daily Time Frame:

    • 50 EMA: $67,500

    • 100 EMA: $66,800

    • 200 EMA: $65,400

    • 400 EMA: $63,800

  • 4-Hour Time Frame:

    • 50 EMA: $68,100

    • 100 EMA: $67,600

    • 200 EMA: $66,900

    • 400 EMA: $65,300

These EMA levels provide a clear trend direction. BTCUSD remains above the 50 and 100 EMA on both the daily and 4-hour timeframes, indicating bullish sentiment.

4. RSI Divergence:

The Relative Strength Index (RSI) on the daily timeframe shows signs of divergence near the overbought zone (above 70), suggesting a potential pullback or correction. However, on the 4-hour chart, RSI holds steady near 60, indicating momentum remains strong in the medium term.

5. Order Blocks:

Significant order blocks can be found at $67,200 (demand zone) and $69,800 (supply zone). These areas are where institutional traders have shown interest, and a strong breakout could lead to high volatility in these zones.

6. MACD:

The MACD on the daily timeframe shows bullish convergence, with the signal line crossing above the MACD line. This is a strong indicator of continued upward momentum.

💡BTCUSD Daily Analysis Summary by K9 Investments Trading

🥇 FREE Telegram Channel: @K9_Investments_GoldTrading


BTCUSD

  • Daily Support Levels: $67,500, $66,200

  • Daily Resistance Levels: $69,000, $69,800

  • 4-Hour Support Levels: $67,900, $67,200

  • 4-Hour Resistance Levels: $68,900, $69,600

  • EMA (Daily): 50 EMA at $67,500, 100 EMA at $66,800

  • Weekly Pivots: 1st at $67,000, 2nd at $68,200, 3rd at $69,500

  • Daily Pivots: 1st at $67,800, 2nd at $68,500, 3rd at $69,300

  • Fibonacci Levels: 23.6% at $67,900, 38.2% at $68,300, 61.8% at $68,900

📅 Fundamental Analysis and USD News Impact

This week, the U.S. Federal Reserve is set to release the FOMC Meeting Minutes on October 24th, 2024. This report could have a significant impact on the BTCUSD market, particularly regarding interest rate hikes or policy changes. Traders should remain cautious as volatility may spike before and after the news.


Additionally, keep an eye on the U.S. Jobless Claims data scheduled for October 26th. Any deviation from the forecast could impact USD strength, indirectly influencing BTCUSD.


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