Based on the current data and trends, Bitcoin (BTC) is trading at approximately $58,948.79. Analysts suggest that in the short term, BTC could fluctuate between $60,250 and $68,150 in July 2024. Factors such as continued institutional adoption and regulatory clarity could drive the price higher, while market volatility and profit-taking might cause temporary dips.
For the coming months, Bitcoin's price is expected to rise. Predictions for August 2024 range from $67,625 to $72,842, and in September, from $72,000 to $78,533. By the end of 2024, BTC could potentially reach up to $90,582, driven by positive market sentiment and anticipation of future events like the Bitcoin halving in early 2025 (CoinMarketCap) (CryptoNewsZ).
For a precise forecast, it’s essential to monitor ongoing market developments and global economic factors, as the cryptocurrency market is highly volatile and influenced by numerous variables.
Below is my opinion and TA about BTC
Time Frame: The chart is on a 30-minute time frame for BTC/USD on Coinbase.
Trend Lines: There are descending trend lines indicating a downtrend channel.
Candlestick Patterns: The recent candlesticks show a significant drop followed by a small recovery.
Volume Profile: The volume profile on the right shows areas of high trading activity, which can act as support and resistance levels.
Indicators: MACD is visible at the bottom of the chart.
Support and Resistance Levels:
Current Price: ~$59,010
Key Support: Around $57,875 and $56,727
Key Resistance: Around $59,010 and $60,000
Analysis:
Trend: The current trend is downwards, as indicated by the descending channel.
Volume Profile: The volume profile suggests significant activity around $58,400 and $59,010. These levels often act as support or resistance due to the high volume of trades occurring there.
Support Levels:
First Support: $57,875 - This is a key level from the volume profile and also aligns with recent lows.
Second Support: $56,727 - This is another significant volume node and the lowest visible support in the chart.
Resistance Levels:
First Resistance: $59,010 - The current price level and also a significant volume node.
Second Resistance: $60,000 - This level is psychological resistance and also close to a high volume area.
Indicators (MACD):
The MACD is showing a bearish crossover below the signal line, which generally indicates a continuation of the downtrend. However, if the MACD histogram starts to show less negative momentum, it could indicate a potential reversal or consolidation.
Projection:
Downside Potential: If the price continues to follow the descending trend line, it is likely to test the first support at $57,875. If this level does not hold, the next support at $56,727 could be tested.
Upside Potential: For any significant upside move, BTC would need to break and hold above $59,010. Following this, the next major resistance would be around $60,000.
Conclusion:
The current market sentiment is bearish with a downtrend in place. Watch for a break of key support levels for further downside, and a break above resistance levels for potential bullish reversal. Keep an eye on the MACD for early signs of a shift in momentum.
For the coming months, Bitcoin's price is expected to rise. Predictions for August 2024 range from $67,625 to $72,842, and in September, from $72,000 to $78,533. By the end of 2024, BTC could potentially reach up to $90,582, driven by positive market sentiment and anticipation of future events like the Bitcoin halving in early 2025 (CoinMarketCap) (CryptoNewsZ).
For a precise forecast, it’s essential to monitor ongoing market developments and global economic factors, as the cryptocurrency market is highly volatile and influenced by numerous variables.
Below is my opinion and TA about BTC
Time Frame: The chart is on a 30-minute time frame for BTC/USD on Coinbase.
Trend Lines: There are descending trend lines indicating a downtrend channel.
Candlestick Patterns: The recent candlesticks show a significant drop followed by a small recovery.
Volume Profile: The volume profile on the right shows areas of high trading activity, which can act as support and resistance levels.
Indicators: MACD is visible at the bottom of the chart.
Support and Resistance Levels:
Current Price: ~$59,010
Key Support: Around $57,875 and $56,727
Key Resistance: Around $59,010 and $60,000
Analysis:
Trend: The current trend is downwards, as indicated by the descending channel.
Volume Profile: The volume profile suggests significant activity around $58,400 and $59,010. These levels often act as support or resistance due to the high volume of trades occurring there.
Support Levels:
First Support: $57,875 - This is a key level from the volume profile and also aligns with recent lows.
Second Support: $56,727 - This is another significant volume node and the lowest visible support in the chart.
Resistance Levels:
First Resistance: $59,010 - The current price level and also a significant volume node.
Second Resistance: $60,000 - This level is psychological resistance and also close to a high volume area.
Indicators (MACD):
The MACD is showing a bearish crossover below the signal line, which generally indicates a continuation of the downtrend. However, if the MACD histogram starts to show less negative momentum, it could indicate a potential reversal or consolidation.
Projection:
Downside Potential: If the price continues to follow the descending trend line, it is likely to test the first support at $57,875. If this level does not hold, the next support at $56,727 could be tested.
Upside Potential: For any significant upside move, BTC would need to break and hold above $59,010. Following this, the next major resistance would be around $60,000.
Conclusion:
The current market sentiment is bearish with a downtrend in place. Watch for a break of key support levels for further downside, and a break above resistance levels for potential bullish reversal. Keep an eye on the MACD for early signs of a shift in momentum.
Note
Updated today July 3.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.