Technical analysis by Finn_Oakes about Symbol BTC: Buy recommendation (7/16/2024)

Chart Overview: Current price of BTC/USDT: 64,630.01 USD. The chart shows a strong recovery after a period of decline. -Technical Factors: Key Resistance Levels: The 64,881.74 USD level is a critical resistance (Fibonacci level 1). If this level is breached, BTC could move towards the next resistance at 71,475.02 USD (Fibonacci level 1.618). Support Levels: Key support levels are at 60,806.27 USD (Fibonacci level 0.618) and 59,547.36 USD (Fibonacci level 0.5). Exponential Moving Averages (EMA): The EMA 34 (blue) and EMA 89 (purple) are supporting the current bullish trend. The price is currently above both EMAs, reinforcing the bullish outlook. -Trend Forecast: With the strong recovery and potential to break through key resistance levels, BTC/USDT is likely to continue its upward trend. The short-term target is the resistance level of 71,475.02 USD. If the price corrects, the support levels at 60,806.27 USD and 59,547.36 USD offer good entry points for buying. -Trading Recommendations: Buy: Enter long positions if the price breaks above 64,881.74 USD, targeting 71,475.02 USD. Stop Loss: Place stop-loss orders at 60,806.27 USD to protect capital. Good luck with your trading!