Technical analysis by Tdawly_Official about Symbol BTC: Buy recommendation (6/24/2024)

Tdawly_Official

Current Price Action: The current price of BTC is around $62,533.06, indicating a recent drop of about 1.07%. The chart shows a clear falling trend (highlighted in red) from March to June. Key Levels and Zones: - Demand Zone: This zone is highlighted in blue around the current price level, indicating a strong buying interest area where the price is likely to find support. - Fair Value Gap (FVG): This zone within the demand zone represents a price range where there was an imbalance in buying and selling pressure. It often acts as a strong support or resistance area. Price Predictions and Entry Point: The chart suggests an entry point at around $64,485.85. There is a potential further drop to the $62,140.00 level, marked in yellow as a support level. Projected Upward Movement: Once the price stabilizes within the demand zone, a significant upward movement is projected, potentially breaking the falling trend. The green arrow indicates a potential price target of around $88,000 to $112,000 in the coming months. Technical Patterns: The chart indicates a potential trend reversal after touching the demand zone and fair value gap. The projected price movement shows a retest of the falling trendline before breaking upwards. Summary: The chart analysis suggests that Bitcoin is currently in a falling trend, finding support in the demand zone around $62,533.06. A potential entry point is around $64,485.85, with the possibility of further drops to $62,140.00. However, a significant upward trend is projected, potentially pushing the price towards $88,000 to $112,000 by August. This analysis assumes that the price will stabilize and reverse from the demand zone.