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🚀 BTCUSD Daily Market Analysis – 24 Oct 2024

Kohinoor Free VIP Trading Signals
Oct 24, 20243 min read

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Current Price: $67,353


🛑 Intraday Signals by Kohinoor Free VIP Signals

🥇 FREE Telegram Channel: @Kohinoorfreevipgoldforexsignals


🔷 Intraday Signal 1 - Buy Setup

  • Trade Entry: $67,150

  • Stop Loss: $66,800

  • Take Profit 1: $67,700

  • Take Profit 2: $68,200

🔴 Intraday Signal 2 - Sell Setup

  • Trade Entry: $67,600

  • Stop Loss: $67,900

  • Take Profit 1: $67,050

  • Take Profit 2: $66,600

Disclaimer: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. Trading Forex and CFDs may not be suitable for all investors, so please ensure you fully understand the risks involved and seek independent advice if necessary. Please 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.


📊 Market Analysis for BTCUSD (Daily & 4-hour Timeframes)

1. Support & Resistance Levels

On both the daily and 4-hour timeframes, the support and resistance levels play a significant role in determining price action.

  • Daily Support Levels:

    • $66,500

    • $65,800

  • Daily Resistance Levels:

    • $67,900

    • $68,500

  • 4-Hour Support Levels:

    • $66,900

    • $66,100

  • 4-Hour Resistance Levels:

    • $67,600

    • $68,000

2. Fibonacci Retracement Levels

Using the daily swing highs and lows, the Fibonacci retracement levels are as follows:

  • 61.8% Retracement: $67,500

  • 50.0% Retracement: $67,150

  • 38.2% Retracement: $66,800

These levels suggest potential price retracement zones where buying or selling pressure may increase.

3. Exponential Moving Averages (EMA)

EMAs provide insight into the trend strength and direction:

  • Daily Timeframe EMAs:

    • 50 EMA: $66,900

    • 100 EMA: $66,400

    • 200 EMA: $65,800

    • 400 EMA: $64,500

  • 4-Hour Timeframe EMAs:

    • 50 EMA: $67,200

    • 100 EMA: $67,000

    • 200 EMA: $66,500

    • 400 EMA: $65,200

4. RSI Divergence

On the daily timeframe, the Relative Strength Index (RSI) shows divergence around 65, signaling potential bullish momentum. On the 4-hour chart, RSI hovering near 60 suggests consolidation before a possible breakout.

5. Order Blocks

Key Order Blocks identified on the daily timeframe indicate areas where large institutional orders have influenced the market:

  • Bullish Order Block: $66,700

  • Bearish Order Block: $67,850

6. MACD

The MACD on the daily timeframe signals a possible upward crossover, indicating bullish momentum might continue, especially if BTCUSD breaks above the $67,700 resistance.

🔎 Weekly & Daily Pivots

Understanding pivots helps traders determine reversal points in the market:

  • Weekly Pivots:

    • Pivot: $67,300

    • Resistance 1: $67,900

    • Support 1: $66,500

  • Daily Pivots:

    • Pivot: $67,400

    • Resistance 1: $67,900

    • Support 1: $66,950

📰 Fundamental Analysis & USD News

As the market awaits important USD news this week, such as the upcoming U.S. GDP report and interest rate decisions, expect heightened volatility in BTCUSD. Any hawkish stance by the Federal Reserve could put pressure on Bitcoin, while dovish commentary may provide upward momentum.

💡 BTCUSD Daily Analysis Summary by Kohinoor Free VIP Signals

🥇 FREE Telegram Channel: @Kohinoorfreevipgoldforexsignals


BTCUSD

  • Support Levels: $66,500, $65,800

  • Resistance Levels: $67,900, $68,500

  • Daily EMAs:

    • 50 EMA: $66,900

    • 100 EMA: $66,400

    • 200 EMA: $65,800

    • 400 EMA: $64,500

  • Fibonacci Levels:

    • 61.8%: $67,500

    • 50.0%: $67,150

    • 38.2%: $66,800

  • MACD: Bullish momentum expected

  • RSI: Daily divergence near 65



📑FAQs

1.Why is Kohinoor Free VIP Signals the best signal provider? Kohinoor Free VIP Signals provides not only FREE signals but also educational content like Forex Trading Ebooks, daily market analysis, and training materials.


2.Which brokers are trusted for Gold Forex Crypto trading?

Based on client feedback, we recommend:


3.What is the best timeframe for BTCUSD trading?

Many traders use both the daily and 4-hour timeframes to track longer trends and intraday momentum.


4,What role do EMAs play in BTCUSD trading?

EMAs track trend momentum, with key levels like the 50 EMA at $66,900 on the daily chart.


5.How does Fibonacci help in trading BTCUSD?

Fibonacci retracement levels identify potential reversal points during price pullbacks, like the 50% level at $67,150.


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