Bitcoin(BTC/USD) Daily Chart Analysis For Week of Aug 30, 2024
Technical Analysis and Outlook:
The "Primary Squeeze" of Bitcoin has experienced a significant drop to our Mean Support levels at 62700 and 60300, and it currently hovers just above the critical Mean Support level at 57600. Currently, the cryptocurrency is positioned for further upward movement, with the primary target being a retest of the completed Interim Coin Rally marked at 64900. It is noteworthy that the selling pressure at this level may lead to a decline in the coin's price towards the Key Support level at 54000.
The "Primary Squeeze" of Bitcoin has experienced a significant drop to our Mean Support levels at 62700 and 60300, and it currently hovers just above the critical Mean Support level at 57600. Currently, the cryptocurrency is positioned for further upward movement, with the primary target being a retest of the completed Interim Coin Rally marked at 64900. It is noteworthy that the selling pressure at this level may lead to a decline in the coin's price towards the Key Support level at 54000.
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