Bitcoin / TetherShort
Bitcoin Analysis on H1 26/08/2024
- The breakout of Bitcoin above the 61.5K level is opening up the prospect of a price increase towards the 68K range (for the current wave), especially as BTC is trending back above the SMA200 line on the Daily timeframe.
- Currently, on the short-term H1 timeframe, BTC is consolidating within a narrow range, indicating that the upward momentum is showing signs of slowing down. We can expect a strong correction to occur, providing a better entry point for a buy position.
- The most potential buying point is around the 61.4K range (the previous resistance level that was broken), with a stop loss at 60.1K and targets of 65.2K - 67.1K.
- A short-term scalping strategy can be considered if BTC drops below the 63.5K level (the lower edge of the current horizontal range). Conversely, if the price breaks out above 65K (the upper edge of the price box), it will officially extend the uptrend. In that case, the buy strategy will follow a pullback to the 65K level (with a stop loss at 64K) and targets of 65.7K - 67.1K.
- Currently, on the short-term H1 timeframe, BTC is consolidating within a narrow range, indicating that the upward momentum is showing signs of slowing down. We can expect a strong correction to occur, providing a better entry point for a buy position.
- The most potential buying point is around the 61.4K range (the previous resistance level that was broken), with a stop loss at 60.1K and targets of 65.2K - 67.1K.
- A short-term scalping strategy can be considered if BTC drops below the 63.5K level (the lower edge of the current horizontal range). Conversely, if the price breaks out above 65K (the upper edge of the price box), it will officially extend the uptrend. In that case, the buy strategy will follow a pullback to the 65K level (with a stop loss at 64K) and targets of 65.7K - 67.1K.
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