Bitcoin Movement Analysis Date of Analysis: 04th July 2024
Key Levels: Strong Support Zone: Current trading level Initial Target Range: $60,000-$64,000 Strong Resistance: $64,000 Extended Target Range (Upon Breakout): $70,000-$73,000 Current Situation: Bitcoin is trading near a strong support zone and has been rejected three times, indicating a robust buying opportunity at the current low price.
Expected Movement: Initial Bullish Trend: Given the strong support and multiple rejections, a buy trend is advisable. We expect Bitcoin to rise to the range of $60,000-$64,000. Potential Breakout: If Bitcoin breaks the strong resistance at $64,000, it could continue its upward momentum, reaching $70,000-$73,000. Conclusion: With Bitcoin trading near a strong support zone and showing multiple rejections, it is a favorable time to buy. We anticipate an initial rise to $60,000-$64,000, with the potential to reach $70,000-$73,000 if the $64,000 resistance is broken.
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