Technical analysis by Zanzibar_Trading about Symbol BTC: Buy recommendation (7/10/2024)

🔸"Bitcoin price just bottomed at $54,000" is that true? let's find out. 🔹The Bitcoin Dominance has been inside a triangle pattern since April 15. Both sides of the pattern has been hit 3 times and the support line of the tri angle is protected by the 200 MA. 🔸A breakout above the pattern could send it to 56.43%, 57.21% and 58.36%. At the same time A bullish hammer candlestick pattern formed on July 5 and the Bitcoin RSI is indicating a bullish divergence, suggesting weakening selling pressure and potential for a rebound. 🔹US-based spot Bitcoin ETFs saw a net inflow of $143.1 million on July 5 amidst the possibility of a US Federal Reserve interest rate cut in September signaling investor interest in Bitcoin and riskier assets due to reduced attractiveness of traditional safe investments. 🔸Conversely if proven wrong important levels below the price are $56,166, $52,000 and $46,100 Zanzibar Trading