Technical analysis by JinDao_Tai about Symbol BTC: Buy recommendation (8/14/2023)

Bitcoin could test resistance Could we see further upside for Bitcoin? Price action formed a bullish rejection at the 61.8% Fibonacci retracement level which coincides with the upward trend line, since 15th June. The price is currently held in consolidation in a narrow range between 29255 and 29450. A breakout of this consolidation area could see BTCUSD rise strongly toward the 30200 resistance level (50% Fibonacci retracement level from the longer term)