On October 6th, I projected a higher low around 58k, setting up a rally to the 67-69k range, with a pullback to 64k before a move to new all-time highs (ATH) in November. The linked chart outlines this setup.
For this scenario to play out, we may see one last dip into 64k—often on Tuesdays—before bulls push toward a strong monthly close.
Levels to Watch This Week:
1. Key Monthly Close Level: 67,540, which needs to be held as support into monthly close for further upside.
2. 2024 Resistance Trendline: Currently moving down from 67,760 to 67,680.
3. Major Support:
• 0.614 Fib: 64,312
• Upsloping Support Trendline: Spanning 63,700 to 64,600.
A pullback isn’t certain, but these levels are crucial. Watch for bulls to hold these support points and build momentum toward an ATH in November. A breakdown of the 58k low would be very concerning and could invalidate this bullish outlook.
For this scenario to play out, we may see one last dip into 64k—often on Tuesdays—before bulls push toward a strong monthly close.
Levels to Watch This Week:
1. Key Monthly Close Level: 67,540, which needs to be held as support into monthly close for further upside.
2. 2024 Resistance Trendline: Currently moving down from 67,760 to 67,680.
3. Major Support:
• 0.614 Fib: 64,312
• Upsloping Support Trendline: Spanning 63,700 to 64,600.
A pullback isn’t certain, but these levels are crucial. Watch for bulls to hold these support points and build momentum toward an ATH in November. A breakdown of the 58k low would be very concerning and could invalidate this bullish outlook.
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