Technical analysis by altFINS about Symbol BTC: Buy recommendation (8/24/2024)

Trade setup : Price broke back above $60K horizontal resistance and above 200-day moving average (~$63K) to signal resumption of uptrend, with upside potential to $72K. Stop Loss at $59K. Momentum (MACD) is bullish but not overbought yet (RSI < 70), suggesting that there's still gas left in the tank near term. Pattern : Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it's advance. Following a resistance breakout, the next closest resistance zone becomes a price target. Learn to trade key level breakouts in Lesson 7. Trend : Short-term trend is Strong Up, Medium-term trend is Strong Down and Long-term trend is Strong Down. Momentum : Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70). Support and Resistance : Nearest Support Zone is $56.50, then $50.00.