• Masih Rezvani
  • September 23, 2024
  • Market

BTCUSD

Bitcoin (BTC/USD) Analysis

Technical Analysis:

  1. Uptrend Line:
    • In the chart, we can see that Bitcoin is in an uptrend, and an ascending trendline has been drawn, passing through the recent lows. Currently, the price is approaching this trendline, which can act as a strong support level. If this trendline is broken, there is a possibility of further price declines.
  2. Fibonacci Retracement:
    • The Fibonacci retracement tool has been used in the chart. We observe that Bitcoin’s price is close to key Fibonacci levels:
      • The 0.382 Fibonacci level (at $62,565) has acted as a resistance and may cause the price to retrace back to it.
      • The 0.5 Fibonacci level (at $61,919) can serve as support.
      • The 0.618 Fibonacci level (at $61,274) and the 0.68 level (at $60,935) are also considered important support levels.
  3. Price Movement:
    • After reaching the $64,653 level (the top of the Fibonacci range), Bitcoin’s price faced a decline and is currently sitting at $63,288. Given its proximity to the trendline and Fibonacci levels, there is a chance the price may bounce back upward unless the trendline and support levels are broken.

Fundamental Analysis:

  1. Market Condition:
    • Based on current information and the state of global markets, Bitcoin’s price is highly influenced by fundamental factors. Given the ongoing news and events related to the global economy and central bank monetary policies, the Bitcoin market may react accordingly.
  2. News and External Factors Analysis:
    • Positive news regarding the broader adoption of Bitcoin or favorable government decisions could increase demand for Bitcoin, driving prices higher.
    • On the other hand, any negative regulatory actions or restrictions could lead to selling pressure.

Trading Suggestion:

  • If the price stays above the trendline and the 0.5 Fibonacci level ($61,919): You may consider buying with a stop-loss placed below this level, as the price might rebound to higher levels, such as $64,653.
  • If the trendline and the 0.5 Fibonacci level are broken: It is better to avoid entering long positions and instead look for selling opportunities, as the price may continue to drop toward $60,935 (the 0.68 Fibonacci level) or lower.

This analysis is based on the current chart, and it is recommended to review additional technical and fundamental analyses for more precise decision-making.