Technical analysis by Eymen-GUVEN about Symbol BTC: Buy recommendation (7/26/2024)

Bitcoin is currently trading at transition prices. I am sharing a chart that highlights key price levels and potential scenarios for both short and long positions. I will provide daily updates on BTCUSD. Key Price Levels: Using the Fibonacci series: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, we derive the following levels: 0.5*(55+89)=72 72−55=17 0.5*17=8.5 Thus, the key levels are: 55K, 63.5K, 72K, 80.5K, and 89K. Long Scenario: The current price is 68.2K. According to the downtrend line, the main resistance is at 72K. If Bitcoin penetrates this level, it opens the path to the first target of 80.5K and the second target of 89K, which is the upper side of the uptrend channel on the weekly timeframe. Short Scenario: If Bitcoin fails to penetrate the 72K level, it will likely retest the support at 63.5K. I will provide updates as the situation evolves.Comment: Bitcoin hit the 63500 yesterday, the next important key price is 72000Comment:Comment: The next two weeks will be crucial in determining Bitcoin's future trend. On the weekly timeframe, the current price of 69K is at downtrend resistance. As mentioned in the previous long scenario, Bitcoin is targeting 80.5K and 89K. The key question now is, how will it achieve this?Comment: On the daily timeframe, Bitcoin closed yesterday above 67.7K, which is a positive indication for a swing long position. This aligns with the ongoing progression in the uptrend channel.Comment:Comment:Trade active: All the above analysis leads me to consider a long position. I've outlined two possible scenarios on the chart: From the current price of 69K to 67K, followed by retesting and penetrating the 72K resistance. From the current price to 63.5K, then retesting 72K again. As a result, I am entering the market with a long position, using a multi-entry strategy. The first position is now live at the current price of 68,700.Trade active: Now it is time to open another long position from 65KTrade active: I will open 3rd long position from current price 60.5K the average long position price will be : (68.7+65+60.5)/3= 64.73K