Technical analysis by MaTradea about Symbol BTC on 8/7/2024

I think that fibonacci correction levels work regularly in Bitcoin cycles. That's why I wanted to make such a general perspective on the monthly chart. The illustrated area in the alt section of the chart is there to show why I didn't choose the 15 thousand level as the bottom area. Since that area provides the necessary corrections within itself, I chose the 24 thousand level as the bottom area. As a personal opinion, I see the reaction it received from the 0.5 area as having a high potential to be a bottom, but considering the developments experienced globally, I think it may test the 618 and 705 levels. The news flow and the economic developments to be experienced will be definite. It should not be forgotten that the movement it made in the last bottom area (0.5 level) had an effect on short transactions that took profit and closed rather than purchases. That's why traders should act logically, not with the desire to catch the bottom.