#Bitcoin Update – Tuesday, 01.10.2024

1 Okt

*As-salamu alaykum and Good Morning to All Brothers and Sisters,**

#Bitcoin experienced a significant drop yesterday, falling below both of the key 4-hour support levels and retesting them as well. The daily close came in beneath the first major resistance, signaling continued weakness in the price. However, Bitcoin still remains above our critical Black and Blue support zones. Currently, the price is facing rejection from the second 4-hour support level.

**What's Next?**

This move closely mirrors the pattern we saw last week: a sharp breakdown followed by a strong recovery towards the end of the week. However, caution is key here. If Bitcoin breaks below and retests the Black line, we could see the price slide down further, possibly to the next black line, which represents the daily resistance level. The price **must** hold above the second LDC (Last Demand Candle) point; if it fails to do so, the drop could extend deeper, potentially reaching the 60K area. This is a crucial point to watch, as further declines could signal a prolonged downtrend.

**#Alts (Altcoins)**

As usual, #alts are dropping even more aggressively than Bitcoin, dragging the overall market sentiment down. On a positive note, we've already closed many of our altcoin trades in profit, leaving us with plenty of liquidity to re-enter positions once Bitcoin shows signs of reversing. If Bitcoin recovers, we'll be ready to act swiftly. However, if you still have open trades, I strongly recommend placing tight stop-losses and waiting for further instructions.

Stay vigilant and cautious as we navigate through this volatile period. Protect your capital, and don’t hesitate to step aside if necessary.

I wish you all a very profitable day ahead. Stay tuned for more updates, and may this week bring you success and growth!

Stay safe, and have a great day!