empty
 
 
09.08.2024 04:51 AM
Technical Analysis of Weekly Price Movement of Bitcoin Cryptocurrency, Friday August 09, 2024.

This image is no longer relevant

If we look at the weekly chart of the Bitcoin cryptocurrency, there are three interesting things, namely: First, MA 10 is above MA 39, which indicates that Bitcoin is still dominated by sellers, second, the detection of the Descending Broadening Wedge pattern, which indicates that the current weakening is a correction, and third, the appearance of a Divergence between Bitcoin price movements that form Lower-Low while the RSI indicator (5) actually forms Higher-High, so based on these three facts, as long as Bitcoin does not weaken and fall below the 49531.71 level, there is potential for Bitcoin to continue strengthening again to the 70043.03 level and if momentum and volatility support it, the 73789.97 level will be the next target to be aimed at.

(Disclaimer)

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In August we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback