Bitcoin (BTC/USD) Analysis – September 5, 2024
Bitcoin is currently trading within a downward channel at $56,551, with immediate resistance at $59,329. The 50-day EMA at $58,225 and RSI of 41 suggest bearish momentum. If BTC breaks below $55,573, the next supports are $54,000 and $52,138. Watch for a breakout above $57,445, which could change the trend to bullish. For now, the bias remains bearish under the $57,445 pivot.
Key Levels to Watch:
Trade Idea:
Bearish below $57,445; a breakout above this could trigger a bullish move.
Key Levels to Watch:
- Resistance: $59,329, $61,192
- Support: $55,573, $54,000
- Pivot Point: $57,445
Trade Idea:
Bearish below $57,445; a breakout above this could trigger a bullish move.
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