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Bitcoin BTCUSD Daily Market Analysis – 3rd Oct 2024 by K9 Investments Trading

Updated: Oct 9

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✳️Intraday Signals (BTCUSD)

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Signal 1:

Trade Entry: Buy BTCUSD at $61,364Stop Loss: $60,800Take Profit 1: $62,200Take Profit 2: $62,800

Rationale: BTCUSD is approaching a key support level at $61,364, which aligns with the 61.8% Fibonacci retracement level on the 4-hour timeframe. A bullish RSI divergence on the 4-hour chart signals potential upward momentum.


Signal 2:

Trade Entry: Sell BTCUSD at $62,200Stop Loss: $62,800Take Profit 1: $61,000Take Profit 2: $60,500

Rationale: The price at $62,200 is a significant resistance level on both daily and 4-hour charts, also confirmed by the 200 EMA. A bearish MACD crossover on the 4-hour chart indicates a potential pullback from this level.

🔔 Disclaimer: Not financial advice. Trade at your own risk. Take partial profits, strictly use stop-loss, and apply proper risk management.


🔍 Bitcoin BTCUSD Daily Market Analysis

🔹 Overview

As of today, Bitcoin's live price is hovering around $61,364. The price action is navigating key levels that indicate potential intraday trading opportunities. Using tools such as Fibonacci retracement levels, EMA (50/100/200/400), and RSI divergence, this analysis will focus on daily and 4-hour timeframes to provide insights into the next price moves for BTCUSD.


🔹 Key Levels on Daily and 4-Hour Timeframes

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Support and Resistance Levels

  • Daily Support Levels:

    • $60,800

    • $59,600


  • Daily Resistance Levels:

    • $62,200

    • $63,800


  • 4-Hour Support Levels:

    • $61,000

    • $60,500


  • 4-Hour Resistance Levels:

    • $62,000

    • $62,800


🔹 Exponential Moving Averages (EMA)

Daily Timeframe

  • 50 EMA: $61,800

  • 100 EMA: $60,200

  • 200 EMA: $59,400

  • 400 EMA: $58,100


4-Hour Timeframe

  • 50 EMA: $61,600

  • 100 EMA: $60,900

  • 200 EMA: $62,200

  • 400 EMA: $63,300

These EMA levels reflect a sideways consolidation, indicating possible price compression before a breakout.


🔹 Fibonacci Retracement Levels

For BTCUSD, the swing low of $58,500 and swing high of $63,800 gives us the following key Fibonacci retracement levels:

  • 38.2% level: $61,600

  • 50% level: $61,150

  • 61.8% level: $60,700

The 61.8% level aligns closely with daily support, signaling a potential strong buy zone.


🔹 Order Blocks

  • Bullish Order Block at $60,800 (daily support)

  • Bearish Order Block at $62,200 (daily resistance)

These blocks represent high liquidity zones, which may trigger sharp price movements.


🔹 RSI Divergence and MACD

  • RSI: Bullish divergence spotted on the 4-hour chart, indicating that the price may rise from the $61,000 support level.

  • MACD: A bearish crossover on the 4-hour timeframe hints at a potential sell-off near $62,200. Traders should watch for these signals to confirm their trades.


🔹 Weekly and Daily Pivots

  • Weekly Pivot Points:

    • Pivot: $61,500

    • Resistance 1: $62,500

    • Support 1: $60,500


  • Daily Pivot Points:

    • Pivot: $61,400

    • Resistance 1: $62,000

    • Support 1: $60,900


💡 Bitcoin BTCUSD Daily Analysis Summary by K9 Investments Trading

Bitcoin's price action is consolidating between $60,500 and $62,800, with key resistance at $62,200 and strong support around $60,800. Indicators such as Fibonacci retracement levels, EMA crossovers, and RSI divergence point to potential price movements, offering actionable intraday trading opportunities. The price is likely to break out of the current consolidation soon, either testing the $63,800 resistance or dipping back to $59,600 support.


📈 Fundamental Analysis and USD News

Bitcoin is reacting to several key USD news events today. The U.S. Non-Farm Payroll (NFP) report is scheduled for release, which may cause heightened volatility in BTCUSD due to its impact on the USD. Additionally, any significant developments in U.S. interest rates or inflation figures could also affect Bitcoin's price action. Traders are advised to stay updated on upcoming economic events as they can directly influence BTCUSD.


📑 Frequently Asked Questions


1. Why is K9 Investments the best signal provider?

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3. What is Fibonacci retracement in Bitcoin trading?

Fibonacci retracement is a technical analysis tool that helps traders identify potential support and resistance levels by measuring the price movement from a high to a low. In Bitcoin trading, Fibonacci retracement levels are crucial for setting potential entry and exit points in the market.Learn more about Fibonacci retracement in our Level 1 Forex Trading Educational Videos.


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