#Bitcoin Update – Friday, 11.10.2024

Oct 11

As-salamu alaykum and Good Morning to All Brothers and Sisters!

#Bitcoin has finally reached our daily retracement level (Arrow #6) and the key level of 59,191, just as predicted in my previous analysis. This is a crucial point for the market, and now we must see what happens next.

**What's Next?**

At this point, there’s a strong chance that Bitcoin could reverse and change its trend. We’ve already broken through the first resistance on the 4-hour timeframe (marked by the blue trendlines), which is a promising signal for a reversal. However, it’s still early to celebrate, as we need the price to retest and break through the second resistance. If everything unfolds as expected, we could soon see the price breaking through the yellow area, indicating a shift towards a bullish trend.

**Bearish Scenario**

The bearish scenario is quite straightforward: if the price reverses after touching the blue lines, it will confirm the bearish trend. In that case, we would be looking for a break below the black line (Arrow #6). The worst-case scenario would be if the price also breaks below the 59,191 level, which would signal the start of a deeper downtrend. This is the critical point where caution is key.

**#Alts (Altcoins)**

With Bitcoin touching the yellow area, several of our altcoin trades have unfortunately hit their stop-losses. However, many trades are still valid, and we’re patiently waiting for the market to stabilize. Once Bitcoin confirms the breakout of the first resistance, I will resume updating the signal list with new trade opportunities. Insha'Allah, we will be ready to seize the moment when the market turns in our favor.

Stay positive, stay focused, and keep an eye on the charts. I wish you all a profitable and successful week ahead!

Have a great day and stay tuned for more updates!