#MarketSentimentToday #BTC- Market Update 15/08: Will the key support zone of 57.8k hold today?
Yesterday,#Bitcoinprice had a slight recovery to $61,800, but then fell sharply due to increased selling pressure. Now, all eyes are on the key support zone of ~$57,800, where its consolidation could be the key to Bitcoin's bounce back.
If the price bounces from the $57,800 area, we could see a triangle accumulation pattern on the 4H timeframe. From there, two optimal trading strategies will emerge:
1. Buy at the $57,800 area when there is a clear signal from the 4H showing that the price bounces from this area. Set Stop Loss at $57,000 and expect TP with R:R ratio 1:2. Or, if the situation is favorable, we can expect the price to break out strongly and move towards the $65,000 area.
2. Wait for the breakout of the accumulation triangle pattern: This is a safer option, but the profit may be lower due to the conservative approach.
The $57,800 area is the deciding point, can Bitcoin hold and bounce or will it continue to fall deeply? Let's follow and update! â€ïžđ
