$BTC Analysis 10/23/2024

I have received countless messages on my social networks, I will try to explain the current moment as much as possible in 4 different posts.

1st FIRST

#BTC, yesterday we had a good reaction going up to $67,800, but the BULLS were not able to close within the blue band again as expected and as would be best for the BULLS. So, with the failure of this, the BEARS sank the price to the bottom of the pattern that had been forming in the 4H.

I see no real reason for us to have fallen to the EMA 100 (4H) and even less for us to stay down here, however, this larger pullback is not at all abnormal, even though I don't like this pullback, it is something that is within normality, and to demonstrate this I changed my entire chart just to bring this explanation here, see;

Let's start from when we left the gray band below the green band on the chart, around $52,500. You can see that we had a good bounce from there and went to the red band and fell again, making a higher low (at the first yellow band that I drew), then we had another bounce to the red band and fell again making a higher low (second yellow band).

Now notice that the price when it came back to test the second yellow band was exactly at a point where we had difficulty passing when we were going up.

After that, we FINALLY bounced, breaking the red band on the chart and went all the way to $69K, this is the point that matters most. See what happens, when we broke the red band on the chart, we not only broke a boring resistance, we also broke this downtrend line that we were on (thick orange line on the chart). After breaking it, we didn't go back to test it, and we ended up coming back here and we are doing that now.

This 3rd yellow band on the chart, which is where we are, is also a retest of an old resistance, something normal for us to do. IS THAT WHAT WE WANTED? NO!However, we are still within normal limits and you shouldn't be so worried about it...