*Bitcoin Analysis*
SEPTEMBER 16th, 2024
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⚪️TECHNICAL (H4)
The price action of $BTC on the H4 timeframe is consolidating within a symmetrical triangle pattern. Currently, it's facing rejection from the resistance trendline level 📉.
We can expect the price action to respect the horizontal support level, marked between $57,240 to $56,469 📊
⚪️WRAP-UP (VIP)
The price action is currently facing rejection from its resistance trendline level 📉.
It is squeezing out lower liquidity levels marked below, and with the breakdown of the support level, we may see further downward movement 📊
$BTC DAILY RANGE:
📈Upper Limit: $60,734
📉Lower Limit: $56,469
(+-7.55% based on moving average volatility open/endpoints)
However, some experts believe Bitcoin is on the road to $60,000, driven by bullish on-chain data and inflows into US spot Bitcoin ETFs. It's essential to stay updated on market trends and analysis to make informed investment decisions.
