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Technical analysis by LyricBridge5207 about Symbol BTC on 8/6/2024

https://sahmeto.com/message/3369263
LyricBridge5207
LyricBridge5207
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On August 5th, Bitcoin dropped below the 50,000 mark, invalidating a previously established channel. Currently, Bitcoin is testing the 57,000 level. If this test is successful, Bitcoin could rise to the 61,000 level, where it may face a minor retest before continuing its upward trajectory. However, the heavy order concentration and liquidations between the 60,000 and 63,000 levels could present significant challenges.Optimistic Scenario (Green Arrow):After navigating the fluctuations above the order block, Bitcoin successfully tests the blue line, confirming support, and continues its upward trend.Pessimistic Scenario (Red Arrow):Bitcoin faces substantial resistance within the 60,000 to 63,000 range due to high order activity, leading to a reversal and a potential decline back to the 45,000 level.

Translated from: English
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Signal Type: Neutral
Time Frame:
4 hours
Price at Publish Time:
$56,832.27
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