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$114K BTC Consolidation: Healthy Retracement or Warning Sign? My 10/1 Technical Outlook 📉📈
Content:
Hey GateSquare traders! Welcome to October. While the sentiment is high, we need to analyze the current structure carefully.
$BTC is holding its ground at the $114,024 level, but technically, we are seeing a short-term "falling trend channel" (as of this morning's analysis). This means we've seen lower prices accepted by sellers over the past 24 hours.
🔑 Key Technical Levels to Watch:
BTC Support: Watch the $112,500 psychological level. A break below could signal a quick dip to fill gaps before the next leg up.
BTC Resistance: The breakout target remains the September high around $116,500. A decisive daily close above this confirms continuation.
ETH / BTC Ratio: The recent rally has seen the ratio fluctuating. Keep an eye on the 0.036 ETH/BTC ratio. If it holds, $ETH could start outperforming $BTC this month.
🚨 Top Regulatory Catalyst:
The US SEC's generic listing for all major Bitcoin and Ethereum ETFs is effective today. This provides a deep regulatory floor for the market, making any major correction unlikely to last long, as institutions will see it as a buying opportunity.
📊 The Trade Plan:
Patience. The consolidation is healthy. I'm waiting for a clear re-test of support or a convincing break of resistance before taking a major leveraged position.
Do you agree with the short-term pullback potential, or is the ETF news too strong to fail? Comment your trade setup!
#TechnicalAnalysis #BTC #ETH #TradingStrategy #GateSquareMining