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.