Technical analysis by TSFC about Symbol BTC: Sell recommendation (7/8/2024)

On May 21, the BTCUSD chart formed a model on the weekly timeframe that describes the key logic behind the price movement. The model was confirmed by touching the trend line: After an unsuccessful attempt to retest the trendline between June 5 and June 8, the price retreated towards the 4 point ($56 522). Right now the price is trying to consolidate above this level, but if BTCUSD still fails to trade higher during the week and goes back under $56 522, we could see price levels like $43 349 and $33 229 in the long term.