Bitcoin(BTC/USD) Daily Chart Analysis For Week of Aug 9, 2024
Technical Analysis and Outlook:
Bitcoin encountered a substantial decline during this week's trading session, reaching Mean Support 55800 and Key Support 53800, and subsequently retesting completed Outer Coin Dip 54000. The considerable selling pressure finalized Outer Coin Dip 51000 and major Key Support 50700. The overall upward trend remains ongoing, leading to the establishment of a new Mean Resistance 61700 and the completion of the Interim Coin Rally 62600. The potential extension towards Mean Resistance 65500 and 68500 holds significant promise for the forthcoming week's sessions. The likelihood of temporary downward pressure toward the Mean Support at 57400 exists before the coin resumes its upward trajectory.
Bitcoin encountered a substantial decline during this week's trading session, reaching Mean Support 55800 and Key Support 53800, and subsequently retesting completed Outer Coin Dip 54000. The considerable selling pressure finalized Outer Coin Dip 51000 and major Key Support 50700. The overall upward trend remains ongoing, leading to the establishment of a new Mean Resistance 61700 and the completion of the Interim Coin Rally 62600. The potential extension towards Mean Resistance 65500 and 68500 holds significant promise for the forthcoming week's sessions. The likelihood of temporary downward pressure toward the Mean Support at 57400 exists before the coin resumes its upward trajectory.
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