Technical analysis by LiviusCato about Symbol BTC: Buy recommendation (8/27/2024)

Dear Traders,On Impact News:Today's global news shows that the uncertainty from the US-China trade negotiations continues to put pressure on the financial markets. This could lead to strong volatility in the cryptocurrency market, with Bitcoin often seen as a safe haven amid uncertainty.While uncertainty could fuel BTC's growth, investors should carefully monitor the price action at the Neckline and react to global economic news to make appropriate trading decisions.Technical Analysis:Inverse Head and Shoulders Pattern: The current chart shows a complete Inverse Head and Shoulders pattern with the "Neckline" located at the price range of $61,658 - $60,300. This pattern suggests that if the price breaks and closes above the neckline, BTC could enter a new uptrend.EMA 34 Support: The price is currently receiving support from the EMA 34, which is a good sign for the bulls. If the price continues to hold above this EMA and breaks above the “Neckline”, the uptrend could be confirmed.Trend Prediction:With the Inverse Head and Shoulders pattern, if BTC can break and sustain above the Neckline, we could see a strong rally with the first target being the $66,000 area. However, if the price fails to break above this level and turns down, the next important support zone will be around $60,000.activeHey, what do you think about this setup?