Based on the chart you provided, here is an analysis of the current price trend of BTC/USD and key technical indicators:
### Analyze current price trends
- **Current price**: BTC/USD is trading around 69,130 USD.
- **Resistance and support**:
- **Resistance level**:
- 70,526 USD
- 71,578 USD
- **Support level**:
- 67,216 USD
- 65,180 USD
- 63,144 USD
### Technical indicators
- **Bollinger Bands**: Chart uses Bollinger Bands to determine volatility and support/resistance levels. BTC/USD is currently trading near the upper edge of the Bollinger Bands, suggesting an uptrend but could encounter strong resistance at higher levels.
- **Fibonacci Retracement Line**:
- The 0.786 Fib Retracement level is located around $67,216, showing that this is an important support level.
- The 1.272 Fib Extension level is $78.502, which could be a long-term target if the uptrend continues.
- **Moving Average (MA)**:
- The 50-day MA (red) is currently below the trading price, showing that the uptrend is maintaining.
- Trading volume tends to increase slightly, supporting the current price uptrend.
### Price trend prediction for Quarter 3 and Quarter 4 of 2024
- **Q3**:
- If BTC/USD stays above the $67,216 support and overcomes the $70,526 resistance, the price could continue to rise and test $71,578 and beyond to $73,808.
- Trading volume increasing and maintaining above the 50-day MA will support the uptrend.
- **Q4**:
- If the uptrend continues and the price overcomes the strong resistance at $73,808, BTC/USD could move towards the long-term target of $78,502 according to the Fib Extension level.
- In case of a correction, BTC/USD could retest the support levels around $65,180 and $63,144. If the price holds these support levels, the uptrend could continue in the long term.
In summary, the current trend in BTC/USD is positive with continued upside likely in Q3 and Q4 2024 if key support levels hold and trading volumes support the trend. $BTC #StartInvestingInCrypto #binance #btc #writetoearn
