Technical analysis by fondOrange28771 about Symbol BTC: Buy recommendation (10/19/2024)

Date: October 19, 2024Bitcoin has maintained relative strength above 65,000 USD, but has been unable to decisively break above the 70,000 USD psychological resistance. The market is clearly respecting liquidity pockets and major order flow zones, which continue to play a pivotal role in the market's direction.Resistance:- 69,000 USD and 70,000 USD (40% of Order flow) - significant short-side liquidity will be collected if those levels get broken downSupport:- 65,000 USD (Local support) and 62,500 USD (Strong Support):Elliot Waves:- According to EW theory there shall be finishing of Wave 1-5 cycleStrategy Outlook- Bullish Scenario: A strong move above 70,000 USD could trigger a rapid push toward 74,592 USD, especially with the order flow concentration there. A break above this could lead to new highs, with minimal resistance above.- Bearish Scenario: Failure to break 69,950 USD could lead to a rejection and a correction back to the 65,000 USD support, especially if the A-B-C correction plays out. Breaking 62,500 USD would signal deeper weakness and likely invite more selling pressure.Closed manual in profit.