8.24 BTC Market Analysis🌞
Weekly: Last week’s Monday produced a strong bullish candle that directly broke through the descending trendline. The direction is positive, and we’ll see whether it can continue. The key support to watch on the weekly level this week is at 72,500.
Daily: The long positions are still relatively strong on the daily timeframe. Next, pay attention to the daily-level consolidation range at 75,900–78,600. Watch whether 78,600 can hold effectively. If it holds, there is still room to move higher.
4H: On the four-hour timeframe, we also need to watch whether price can hold 78,600. At the moment, this area is undergoing a “second pullback.” As long as it does not break above 78,600, you should be alert to the risk of a short-term pullback. Downside support is still expected in the 74,100–70,800 range.
Summary: The big-picture trend remains bullish, but there will be a need for pullbacks. Currently, on the smaller timeframes, price continues to move upward in consolidation. Meanwhile, the most important level to watch is the four-hour area: whether the pullback can break through 78,600. If it can’t hold, you should pay attention to the risk of a short-term pullback.
$BTC
Weekly: Last week’s Monday produced a strong bullish candle that directly broke through the descending trendline. The direction is positive, and we’ll see whether it can continue. The key support to watch on the weekly level this week is at 72,500.
Daily: The long positions are still relatively strong on the daily timeframe. Next, pay attention to the daily-level consolidation range at 75,900–78,600. Watch whether 78,600 can hold effectively. If it holds, there is still room to move higher.
4H: On the four-hour timeframe, we also need to watch whether price can hold 78,600. At the moment, this area is undergoing a “second pullback.” As long as it does not break above 78,600, you should be alert to the risk of a short-term pullback. Downside support is still expected in the 74,100–70,800 range.
Summary: The big-picture trend remains bullish, but there will be a need for pullbacks. Currently, on the smaller timeframes, price continues to move upward in consolidation. Meanwhile, the most important level to watch is the four-hour area: whether the pullback can break through 78,600. If it can’t hold, you should pay attention to the risk of a short-term pullback.
$BTC
