Technical analysis by CryptoAtlasAcademy about Symbol BTC: Buy recommendation (7/9/2024)

Bitcoin price has been consolidating 4 months now, it is already touching oversold territory and we have fallen under the 200EMA We have seen this scenario before where we fall under the 200EMA and we have seen a price reversal afterwards. I think this could be a beartrap where short sellers will enter their positions a bit too late when they should be taking profits by now, we have seen some liquidity grab under the lower trendline leaving a nice hammer daily candle indicating some buy pressure is coming to the market, we will see what happens but I think we can set a nice long position, only time will tell.Partial profit closed TP1