Technical analysis by MesutKose about Symbol BTC: Buy recommendation (5/13/2024)

We have a simple and straightforward range structure and 3 important areas. This structure is also our accumulation area. I marked the path of the price on the chart with zigzags. The green band is the area where the price finds support. The blue band is our balance point, the 0.5 region. And at the top is our red band range resistance. The price moves from the green band and reaches the balance point. When it rises above it, it retests and increases its power. It reaches the red band. As soon as the red band jumps on it, it makes ATH and wants to continue its trend. So we say that while we are in the accumulation phase, the top of the red band is our seller area. Then, when the price falls to our balance point again and stays above it, it is above the red area again and again above the red area. Liquidity plays on the red band with our balance point for a while and the price comes back below the balance to our green support area. And it repeats the liquidity games it made in the upper band, this time in the lower region. The price hanging below is the fib between 15k-69k. It touches our 0.786 region at the level, enters the range again and gives a retest. I think we have come to the end of the accumulation. Now our first target is our balance point, the blue band. We can say that if we put it on it, it will bring life to the market. And when the red band is abandoned with a strong price, our new ATH journey begins. I wish you well-being.