Bitcoin Analysis
August 30, 2024
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⚪️TECHNICAL (4H)
BTC is currently hovering above a critical horizontal support level, which has historically served as a pivotal juncture for price action. The sustained defense of this level could signal the potential for a bullish continuation, suggesting that market participants are confident in maintaining upward momentum.
However, a decisive breakdown below this support, followed by a retest and failure to reclaim it, would likely validate bearish sentiment, confirming a shift in market structure and potentially triggering a deeper correction.
⚪️WRAP-UP
BTC is trading above key horizontal support. Holding above it may signal a bullish move, while a breakdown and retest would confirm a bearish trend.
