Technical analysis by felixfenix about Symbol BTC: Sell recommendation (9/4/2024)

Weekly Price Action Analysis: Bitcoin’s Downward TrajectoryThe weekly price action has confirmed that Bitcoin is currently in a downward trajectory. After failing to hold above the key psychological level of $60,000 for over six months, it appears that Bitcoin has entered a phase of price discovery to explore lower support levels.In the chart provided, a combination of several moving averages, alongside stochastic indicators such as the MACD, RSI, and Stochastic Oscillator, highlights the points of trend reversals, where key buy and sell signals have been triggered. As seen, the recent failure to regain strength above $60,000 is further supported by multiple sell signals, suggesting increased downward momentum.These indicators suggest that the bearish sentiment is still strong, with further consolidation or potential downward price movement ahead.