Technical analysis by Sthesh_Don_Billiato about Symbol BTC: Buy recommendation (7/11/2024)

**Trade Description: BTC/USD Analysis****Current Price Range:**- Ask: $57,273.93- Bid: $57,269.84- Low: $53,361.42**Technical Analysis:**1. **Fibonacci Retracement Levels:** - 0.236 at $57,859.00 - 0.382 at $60,557.02 - 0.5 at $62,736.97 - 0.618 at $64,916.92 - 0.786 at $68,020.572. **Support and Resistance Levels:** - Key support level around $53,500.00 - Immediate resistance at $57,859.00 (0.236 Fibonacci level)3. **Price Pattern:** - The price has been in a downward trend but shows potential signs of consolidation around the $57,000 level. - A descending trendline indicates resistance which aligns closely with the 0.236 Fibonacci level.4. **Market Sentiment:** - The price action within the highlighted green and red zones suggests potential bullish recovery if the price breaks above the immediate resistance at $57,859.00. - Failure to break above this level could see the price testing lower support levels.**Trade Strategy:**- **Bullish Scenario:** - Entry: Above $57,859.00 (confirmed break and close above this level) - Targets: - $60,557.02 (0.382 Fibonacci level) - $62,736.97 (0.5 Fibonacci level) - Stop Loss: Below $57,000.00 to mitigate risk.- **Bearish Scenario:** - Entry: If the price fails to break above $57,859.00 and shows a reversal pattern. - Targets: - $53,500.00 (key support level) - Potential further downside if support fails - Stop Loss: Above $58,000.00**Conclusion:**Monitor the BTC/USD price action around the $57,859.00 level closely. A break and sustained move above this level could indicate a bullish trend reversal, targeting higher Fibonacci levels. Conversely, failure to break this level could signal further downside pressure, testing key support levels.---This analysis aligns with the technical indicators and price patterns observed in your chart. Adjust trade entries and exits based on real-time price action and market conditions.