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#BTC☀
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Let's take a look at this #bitcoin☀️ chart like we're analyzing the world's most expensive roller coaster ride! #BTC☀ Market Analysis: The Crypto Coaster 📅September 7, 2024 The Descending Range: The Not-So-Fun Slide Our favorite coin seems to be stuck in a descending channel that would make any theme park proud. We're talking about a gradual downward slope that's been ongoing since March. It's like Bitcoin decided to take the scenic route... downhill. The upper and lower boundaries of this channel are acting like those safety bars on a roller coaster - keeping the price contained, but also making us all a bit queasy. The current price, sitting at around $54,755, is flirting dangerously close to the lower boundary. It's like Bitcoin is daring us to guess: will it bounce or break through? Volume: The Crowd Goes Mild Looking at the volume bars at the bottom, it's clear that the party isn't as wild as it used to be. We're seeing lower volumes compared to the spikes in March and that massive red candle in August (talk about a drop!). Entry Point: Bargain Hunting or Catching Falling Knives? Now, here's where it gets interesting. With the price nearing the lower boundary of the channel, some might say this looks like a tempting entry point. But remember, folks, in the world of crypto, sometimes a bargain can turn into a "got any spare change?" situation real quick. The price could bounce off this lower boundary , or it could break through. Conclusion: To Buy or Not to Buy, That is the Question If you're feeling brave (or maybe just a bit reckless), this could be an entry point with some potential. The descending channel suggests we might see a bounce, but don't bet your lunch money on it. I would instead wait for some confirmation on the next 4h candles, higher volume or lower resistance. In any case, we are watching and we are prepared💪
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The lorentzian ML tradingview indicator did it again. Available with Sublimetraders services.
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Bitcoin Market Report - August 7, 2024 Bitcoin (BTC) has experienced significant volatility and a notable downtrend over the past few months, as evidenced by the daily chart from Binance. Main points: Price Action: #BTC☀ has been trading within a descending channel since March, with lower highs and lower lows forming a bearish trend. But this bear trend will pay and will pay big with patience because usually , descending channels break on the higher side and vice versa. Support Levels: The chart highlights multiple touches of the lower boundary of the channel (marked by orange circles), indicating strong support levels. However, each bounce has been followed by continued downward pressure. Resistance: The upper boundary of the channel has acted as persistent resistance, capping upward movements. Recent Performance: In early August, BTC experienced a sharp decline, breaking below the previous support level around $55,000. Current Price: As of the chart's latest data point, BTC is trading at approximately $54,787, showing a slight recovery from the recent low. Volume: While not explicitly shown, the presence of long candles suggests periods of high trading volume, particularly during significant price movements. Market Sentiment: The overall trend remains bearish, with buyers struggling to maintain momentum after each support test. The repeated failures to break above the descending resistance line indicate persistent selling pressure. Outlook: Watch for a potential break of the current support level around $52,500. A decisive break below could lead to further downside, while a strong bounce might signal a short-term reversal. However, for a bullish outlook to materialize, BTC would need to break above the upper channel boundary and the horizontal resistance around $72,000.
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