BTC EASY OVERVIEW

Bitcoin Technical Analysis - August 18, 2024
Courtesy of GF1 LAB

Key Levels:

Main Support: 59,500 USD
Main Resistance: 61,000 USD
Trading Strategies:

Sell Below 59,500 USD:
If Bitcoin’s price drops below 59,500 USD, a sell is recommended with a target of 47,000 USD.
This movement suggests a potential break of the support, indicating a significant downward trend.
Buy Above 61,000 USD:
If Bitcoin’s price rises above 61,000 USD, a buy is recommended with the following targets:
First Target: 62,000 USD
Second Target: 73,000 USD
This indicates a possible continuation of the upward trend, breaking through resistance and opening the way for further gains.
Current Context:

Current Range: Bitcoin is currently trading within a range, with a low of 56,000 USD and a high of 61,000 USD.
Range Support: 56,000 USD
Range Resistance: 61,000 USD
Summary:

The market is consolidating within a narrow price range, and the price action at these levels could determine the next significant move for Bitcoin.
Traders should closely monitor these levels for potential breakouts to guide their trading decisions.
This analysis is brought to you by GF1 LAB.