Technical analysis by Renata-1 about Symbol BTC: Sell recommendation (8/19/2024)

News from the Fed regarding monetary policy and interest rates can significantly impact Bitcoin's price.BTCUSD is currently in a long-term uptrend but is showing signs of consolidation at the strong resistance level of $75,000.The 34 and 89 EMAs are both rising, confirming the long-term uptrend. However, the price needs to break through the resistance to continue the strong upward momentum.If the price fails to break the $75,000 resistance and reverses, it is likely to correct down to the $53,000 support level.