BTC/USDT Analysis: Key Trendline Test on October 21, 2024

BTC/USDT UPDATE

Instrument: BTC/USDT

Time Frame: 1H

Exchange: PHEMEX

Trading Type: Day&Swing-Trading

Monday, October 21, 2024

Today could be a very important day. Let's take a look at whether Bitcoin can break through the current trendline or not.

Looking at the 1-hour chart, we can see that Bitcoin faced resistance at the upper trendline, and it’s a bit disappointing that the candlestick couldn't close above this trendline.

Honestly, today's price action is a bit unclear, with the upward trendline also looking somewhat unusual. There's not much else to say for now. However, if Bitcoin breaks below the $68,000 level (the gray box) and successfully retests it, we might start monitoring the market from a bearish perspective and respond accordingly.