Technical analysis by CharliMaxwell about Symbol BTC: Buy recommendation (7/18/2024)

Hello dear traders! Let's synthesize and conclude today's strategy! Analyze trends and price channels Current trend: BTCUSD is moving in a bearish price channel (between the two black channel lines). This is a sign that prices are trending down in the short term. But! There are signs that a falling wedge pattern is forming. Theoretically if the price breaks above the resistance line, it is a strong bullish signal. Support and resistance levels Support: The price is currently near the support level at EMA 34 (64,660) and EMA 89 (63,617). These levels could keep prices from falling further. Resistance: The upper price channel (black channel line above) and the price level around 65,000 are important resistance levels. Trend prediction Bullish potential: If BTCUSD can break the falling price channel and overcome the resistance at 65,000, the price is likely to continue moving higher. This is illustrated by the red arrow pointing up. In short, the main strategy here is to wait for a breakout above the resistance line of the wedge pattern. This breakout usually signals a strong uptrend.Trade active