BTCUSD Short-Term Analysis for 08/11/2024
Disclaimer: This is my personal opinion and is intended for educational purposes only. Please consult your financial advisor before making any decisions.
Time Frame: 1-hour
Market Analysis:
The 1-hour BTCUSD chart exhibits a weakening bullish trend. However, with the price holding above the 20 and 50 EMA, there's potential for another upward move. Key support level to watch: 74,551.42. A break below this level could trigger a downturn to fill the imbalance gap." gap.
Key Levels:
- Support: 74551.42
Trading Bias:
Following up on our previous analysis, the BTCUSD price continues to consolidate within an bullish pennant pattern on the 1-hour chart. The probability of an upward breakout is increasing, which could propel the price towards new highs, potentially to 78,000.
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