Trade of the day: BITCOIN (31.07.2024)

Facts:

• Bitcoin bounced off the key short-term support zone
• The long-term sentiment remains bullish

Recommendation: 

Trade: Long position on BITCOIN at market price

Target: 69700, 71600

Stop: 62920

Opinion: Bitcoin has experienced a local downward correction recently. Looking at the  H4 interval, one can see that buyers managed to halt downward move at key short-term support around $63,560 which is marked with the lower limit of the 1:1 structure, previous price reactions, 100-period moving average, as well as 23.6% Fibonacci retracement. In addition the bullish candlestick pattern - hammer surfaced on the chart. Taking this into account, continuation of an upward move is possible. We recommend taking a long position on BITCOIN at market price with two targets: 69700, 71600. We also recommend placing a stop loss order at 62920. Source: xStation5