BTC Analysis in Daily Timeframe: Will it get worse?

5 aoûtHello traders,

Here's a re-analysis of BTC on a daily timeframe.

I know it looks horrible—a straight 25% dump in just eight days.

Will more dumps be coming in?

Let's analyze it.

BTC has hit the lower support trendline with a recent low at 52.3k. BTC has respected this trendline in the past, and it should respect it this time as well, in my opinion. A daily close above this support trendline is crucial for a rebound.

On the downside, the 50k range is another strong support for BTC. If we see any further dump, BTC must hold the 50k support.

In the past, counting from the all-time high, BTC has dropped 23%-25% and then showed a good rebound. This time, to have a similar move, BTC must close above the support trendline.

I will post another update in the weekly timeframe soon, so stay tuned and trade safely.

Do your own research before investing.

Regards,
Team Dexter.

6 août

Commentaire

BTC has experienced one of the biggest dumps since it hit an all-time high—a straight 30% drop in just eight days, and a 16% drop in a single day.

The 50k support level held strong even when the price went as low as 49k. BTC managed to bounce back, respecting the support levels.

BTC is back to 55k, showing a positive rebound after the hard crash. The RSI has hit the oversold range and will likely create bullish momentum.

That's it for now; I hope this helped.

Trade safely and do your own research and analysis before investing.

Thank you.

Regards,
Team Dexter

#Crypto #BTC