Bitcoin Analysis - August 2023

3 ago 2023

Today, I will publish a new analysis for you about Bitcoin in the 4-hour time frame. Currently, the price of Bitcoin is about 29300 dollars. According to the strategy I have and my experience, the best thing to do to analyze Bitcoin, unlike the forex financial market, is to analyze at higher times. This is probably due to the smaller volume of money that is flowing in this market compared to the forex market. But in the 4-hour period, there are numbers that are very important for Bitcoin analysis. Currently, $29,000, $30,000, and $32,000 are numbers that can be useful in this analysis.
. Considering that in the daily time frame, the general trend of Bitcoin is upward, so we can consider its current trend to be corrected. With the Fibonacci pattern, we can actually see the reaction of this correction to the Fibonacci number 38.20. Considering that this number is almost the same as the $29,000 area of Bitcoin, then we can expect that this correction has been completed in this area and hope for the upward trend of Bitcoin. If the $29,000 line is broken, which seems a little unlikely considering the price has hit this area several times and the resistance it has had, but if this number breaks to the 28,300 area, there is almost no obstacle for Bitcoin to fall.

. But the more important scenario that I am interested in is the rise of Bitcoin from $29,000 to the numbers of 31,000 or even 31,400. Considering that we put the STOP LOSS at 28,200, the number corresponding to TAKE PROFIT with a ratio of 1 to 1.5 is 31,000 or even 31,400. gives us Note that the corresponding time frame is 4 hours, so it can take more time than the corresponding time frame for climbing, which in my opinion will be between 7 and 11 days. In general, the foreseeable scenario for me is an upward trend in the short term.