BTC Analysis: Technical View of the Chart
đ This BTC chart shows a clear upward trend since the beginning of 2024. The price of Bitcoin fluctuates between support and resistance levels, creating a characteristic pattern resembling an ascending triangle.
đ Main support and resistance levels:
Support: Area around $58.709 and the lower border of the triangle around $61.131.
Resistance: The upper border of the triangle is around $65,000 and the level of $67,000.
đ Indicator:
Moving Averages (MA): There are three key MAs (7, 25 and 99 periods) on the chart, which show that short-term and medium-term trends remain upward.
Parabolic SAR (PSAR): Located below the current price, indicating a continuation of the uptrend.
Ichimoku Indicator: Ichimoku clouds also indicate support above $61,000, with room for further growth.
đź Prospects:
If the price is able to break through the upper border of the triangle and maintain above the $65,000 level, this could be a signal for a significant increase towards $70,000 and above. If the support at $61.131 is broken, a short-term decline to the $58.709 area is possible.
đŹ General conclusion:
BTC is in a consolidation phase inside an ascending triangle, which is usually a bullish signal. However, investors should pay attention to support and resistance levels and monitor indicator signals to make informed trading decisions.
