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)

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

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

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.