Bitcoin's Path from $70K Peak to $44K Support – Bull Run Ahead?
#Bitcoin is moving within a downward channel on the daily time frame. It takes 63 days to reach the bottom of the channel and 36 days to reach the top.
In early May 2024, #BTC formed a head and shoulders pattern along with a positive divergence on the daily time frame. This setup allowed it to break through the middle resistance at $64,876 and head towards the top of the channel.
On July 7, 63 days later, #BTCUSD returned to the bottom of the channel. It then reached the middle resistance of the descending channel with another positive divergence. This pattern suggests that Bitcoin could rise to the top of the channel again by forming the right shoulder and filling the CME gap between August 13-22.
We anticipate a decline in the price range of $68,000 to $70,000, which corresponds to the 78% and 88% Fibonacci levels, similar to the movement observed from May 21 to June 7, 2024.
I expect a similar movement and drop from $68,000-$70,000 to $48,000-$44,000 by September 8. This level can be a strong support for the start of a bull run and the upward movement of Bitcoin.
In early May 2024, #BTC formed a head and shoulders pattern along with a positive divergence on the daily time frame. This setup allowed it to break through the middle resistance at $64,876 and head towards the top of the channel.
On July 7, 63 days later, #BTCUSD returned to the bottom of the channel. It then reached the middle resistance of the descending channel with another positive divergence. This pattern suggests that Bitcoin could rise to the top of the channel again by forming the right shoulder and filling the CME gap between August 13-22.
We anticipate a decline in the price range of $68,000 to $70,000, which corresponds to the 78% and 88% Fibonacci levels, similar to the movement observed from May 21 to June 7, 2024.
I expect a similar movement and drop from $68,000-$70,000 to $48,000-$44,000 by September 8. This level can be a strong support for the start of a bull run and the upward movement of Bitcoin.
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