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05.07.2024 05:54 PM
Technical market outlook :
BTC/USD : Bitcoin
In 2023, our Forecast was :
Uptrend market - strong bullish - Take profit 2 : 29,800 (in 2023).
Now : 05 July 2024. Price at 56k.
Our Forecast (between 6 and 18 months)
BTC/USD increased within an up channel from the area of 50k -56k.
Trading recommendations :
The trend is still bullish as long as the price of 50k is not broken. Thereupon, it would be wise to buy above the price of at 50k with the primary target at the highest price of 73k. The volatility is very high for that the BTC/USD is still moving between 50k and 73k in coming hours. Consequently, the market is likely to show signs of a bullish trend again. So, it will be good to buy above the level of 50k. Then, the BTC/USD pair will continue towards the second target at 84k (a new target is around 91k in the long term).
Alternative scenario :
The breakdown of 50k will allow the pair to go further down to the prices of 30k.
Warning : Risk disclosure: All investments involve a degree of risk of some kind. Trading financial derivative products comes with a high risk of losing money rapidly due to leverage. You should not engage in trading these instruments unless you fully understand the nature of the transactions you are entering into, and the true extent of your exposure. These types of investments may be suitable for some investors, but they are not for everyone
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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