Technical analysis by naveedashfaq about Symbol BTC: Buy recommendation (5/24/2024)

Based on the analysis of the 4-hour Bitcoin (BTC) chart, here are the key points: Current Price Action : BTC is retracing to the 0.5 Fibonacci level. This retracement suggests potential for a bounce at this level. Chart Patterns: A bullish flag formation is present, indicating a continuation pattern. The current trend remains bullish. Technical Indicators: No harmonic patterns or reversal patterns have been identified. There are no bearish divergences observed. Conclusion: The bullish trend is expected to continue. If the price breaks above the previous higher high (HH), it is a signal to buy. The target for this bullish run is projected to be around $79,000. This analysis suggests a strong continuation of the bullish trend with potential buying opportunities upon breaking the previous highs.