On the weekly timeframe, BTC has broken the flag pattern structure, giving us the first weekly candle closure above the flag. This is a positive sign, indicating a potential shift from the downtrend momentum we’ve been experiencing to a more upward trajectory
In terms of Fibonacci analysis, BTC has created a new higher high, breaking the previous one at $65,500. Additionally, we’ve seen the fourth consecutive weekly candle closure above the key $62,100 level, reinforcing the bullish momentum.
On the daily chart, BTC broke structure at $66,500 and also formed another higher low at $59,000, reinforcing the upward momentum.
The line chart on the daily timeframe presents an interesting scenario. You’ll notice two breaks of structure: the first at $65,800 and the second at $68,300. This clearly indicates that BTC is shifting direction from a downward momentum to an upward momentum. The $68,300 price level is significant, as it was the last lower high before BTC dropped to $49,000 on Monday, August 5, 2024
If BTC maintains its upward momentum, the next key targets will be $70,800 and $81,300
As BTC exhibits slight bearish momentum, which is expected after such an upward movement, the key zones to watch are $63,600 and $62,100. A daily candle closure above $62,100 will be particularly significant
For real-time updates and in-depth analysis, follow Kenya Crypto Magazine:
MD_DELICACIES
Views: 25
