BITCOIN - TRUMP ENDORSES BITCOIN AS US CRITICAL RESERVE - CM101

7月29日

BITCOIN / USD TA

To provide a technical analysis of Bitcoin based on the chart, let's focus on key elements such as trend lines, chart patterns, and Fibonacci retracement levels:

1. Fibonacci Retracement Levels:
- The Fibonacci retracement levels marked on the chart indicate significant price levels where Bitcoin may find support or resistance. We do not believe that we will see such levels any time soon though... These levels are:
- 0.236 at approximately $21,849
- 0.382 at approximately $27,207
- 0.5 at approximately $32,484
- 0.618 at approximately $38,784
- 0.786 at approximately $49,919

2. Chart Patterns:
- The chart shows a descending channel where Bitcoin has been consolidating.
- The breakout from this descending channel is crucial. The chart indicates a potential breakout to the upside.

3. Support and Resistance Levels:
- The immediate resistance level is around $68,846 (the previous high).
- There is support at approximately $62,500, which is indicated by the red line and the lower boundary of the descending channel.
- Further support levels are aligned with the Fibonacci retracement levels mentioned above.

4. Trend Analysis:
- The overall trend appears to be bullish as Bitcoin has been making higher highs and higher lows since the bottom in early 2023.
- The breakout from the descending channel could signal a continuation of this bullish trend.

5. Price Projections:
- If Bitcoin breaks above the $69,000 resistance level and sustains the momentum, the next major psychological level is around $77,000.
- In a highly bullish scenario, the price could target the $100,000 mark, as indicated by the green projection on the chart, by end of September as previously suggested.

6. Potential Bearish Scenario (Unlikely, but nothing is off the table):
- If Bitcoin fails to break out and falls below the $62,500 support level, it could retest lower Fibonacci levels. The first significant support in this scenario would be around $49,919 (0.786 Fibonacci level).

Summary
- Bullish Scenario: Breakout above $69,000 with targets at $77,000 and potentially $100,000.
- Bearish Scenario: Failure to break out and a drop below $62,500 with possible retests of $49,919 and lower Fibonacci levels.

Recommendations:
- For Bulls: Watch for a confirmed breakout above $69,000 before entering long positions.
- For Bears: Monitor the $62,500 support level closely for potential short opportunities if the price breaks down.

Not financial advice, just what we see playing out on the charts.