Market Update
6_August_2024
According to the BTCUSDT chart, the immediate support level is 53,000 USD and the major support is 50,000 USD. The resistance level is at 55,000 USD and the key resistance is at 57,000 USD. The RSI is in the oversold zone, signaling a bounce back. Heikin Ashi candles consistent downtrend dikha rahi hain, lekin RSI ke oversold hone ki wajah se there is also an opportunity for recovery. While the main news is the recent SEC regulations and overall bearish market sentiment, there are also some positive developments such as the adoption of large financial institutions. Looking at all these factors together, there is a possibility of a return to the market in the short term.
