A Bullish Outlook from Monthly and Weekly Charts
2024-08-05

#BTCUSDT | WEEKLY TIMEFRAME UPDATE

The price of #Bitcoin has dropped more than 20% in the past few days, and many of you are wondering: Is #Bitcoin still bullish or has it turned bearish?

Based on the monthly and weekly charts, #Bitcoin remains bullish, and we expect higher targets ahead.

Given this analysis, taking short positions at the current price would be against the trend.

Instead, we should look for confirmation on the daily and 4-hour time frames to open a long position within the $48,000 to $52,000 range.

Short-term objectives are: $54,620 - $56,400 - $58,600 ✅

Intermediate objectives are: $60,700 - $63,400 - $66,100 ✅

The long-term objectives are: $69,400 - $71,900 - $73,900 - $83,400 - $95,800 - $109,200 ✅

Invalidation is below $38,540. 🔴



