Technical analysis by Crypto-RyGuy about Symbol BTC on 8/6/2024

Lot of controversial information going around involving btc, whether we are in a consolidation phase and bounce or bears taking control and moving back towards the 40k range. Considering indicators on the weekly and daily time frame we are extremely oversold and our price still closed above the 53k on the daily. This is important because earlier this spring black rock launched thier Ibit ETF which bought 19billion worth of btc around the price range of 60k. This launching opens the door for more market investors with BlackRock reputation leading the way. Also the volume BlackRock purchased at along with the price range means they will defend this price range with thier lives. We will see a move towards 60k over the week making sideways moves. Our massive bull flag structure has shown strong support at key price levels. Don’t get shaken with bs market analysis. The inflation rate being what it is has actually started to push investors towards btc over the past few months ie our kick out of the 20-30 and 40k range relatively very quickly. Hodl your bag and watch the 82k range play out!forex-central.net/chart-patterns/img/right-angled-broadening-wedge.jpg Sorry less of bull flag more of a broadening wedge pattern. Example aboveStill consolidating though we are still seeing chart structure play out as posted! Next few weeks will be crucialPlaying out perfectly need break up 67