Bitcoin Correction Puts $63085 Support at Risk

Current BTC Price: Bitcoin is trading at $63,812 after a 2.17% drop, showing a bearish influence as it moves below the 64K mark.
Bearish Engulfing Pattern: The BTC price forms a bearish engulfing candle, which signals strong selling pressure and a potential continuation of the downtrend.
Evening Star Pattern: The price action forms an evening star pattern near the overhead trendline, indicating the possibility of a bearish reversal.
Historical Trendline Rejections: Past rejections from the trendline suggest a potential bearish failure, adding to concerns about further declines.
Key Fibonacci Support: Bitcoin is likely to retest the 50% Fibonacci level at $63,085, a crucial support zone that could spark a reversal.
Potential October Rally: A successful bounce from the $63,085 level could trigger an October rally, historically known for Bitcoin price surges.
EMA Crossover Under Pressure: The potential bullish crossover between the 50-day and 100-day EMAs is at risk, signaling indecision in the trend.
Bearish MACD Crossover: Both the MACD and signal lines are preparing for a bearish crossover, which could confirm further downside momentum.
Bullish Channel Breakout Potential: If Bitcoin breaks out of the channel pattern, it could unlock the trapped bullish momentum from the last six months.
Fibonacci Target Levels: A bullish breakout would set Bitcoin’s next target levels at $68,943 and $73,679, based on Fibonacci retracement levels.
Support Levels: The immediate support levels for Bitcoin stand at $63,085 (50% Fibonacci level) and the 100-day EMA at $61,504, critical to watch for any further downside.
Q4 Optimism: Historically, Bitcoin has shown strong performance in Q4, raising the potential for a recovery rally that could lead to a new all-time high in 2024.