Technical analysis by Lena-Jam about Symbol BTC: Buy recommendation (8/1/2024)

Recent strong volatility in Bitcoin prices has attracted the attention of both short-term and long-term investors. On the 4-hour BTCUSDT chart, we can see that Bitcoin is in a downward correction phase after peaking. The EMA 34 and EMA 89 lines are supporting the price trend. However, the current price is below both lines, indicating a weak short-term trend. The RSI 14 indicator shows a level of 35.50, indicating that the price is in the oversold zone. This could signal that the selling has been too strong and a short-term recovery is possible. If the price holds the support level of $63,000, a strong recovery to the resistance zone of $70,000 could occur.