Convergence

Source

bullish

Movement

Strong

<ul>
 <li>BTC's price shows signs of potential upward movement according to the Gartley pattern.&nbsp;&nbsp;</li>  
 <li>Strong market sentiment suggests investor confidence is boosting the coin’s performance.&nbsp;&nbsp;</li>  
 <li>Key down level at $52,000 could hold if the market dips while resistance is near $73,846.</li> 
</ul>  
The trading volume has also followed the momentum over the past day by 28.26%, leading to its price reaching $34.8 billion. This increase in both market capitalisation and trading volume is an indication of how the coin is active in terms of <a href="https://cryptonewsland.com/aptos-and-tao-investors-attracted-to-rollblocks-passive-income-potential-and-100x-growth-opportunity/" target="_blank" rel="noopener noreferrer nofollow">investor </a>engagement with the coin. Interms of supply of 19.74 million BTC are in circulation, accounting for 94.02% of the total available supply.&nbsp;  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXemNLrJ9EZ_aw7aIx8gj14C6kEi2m7Nq18BmsYUuJIopa1otQZjz3WbNtIMtN1th6p9k18KgM9SlAXBfx48so4Piza4H6ELjlkW_Py1OEctWVbHfWJWuEDOc1dECcB1pFsk0C9ZPuPSsgbINEWb8yJB-1oq?key=jLYvmm86NuChWCTdZPWOhw" alt="">
</figure>  
Source : <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">coinmarketcap</a>  
Speculating from the chart, bitcoin has grown considerably, especially above the notable peak of $61,000. This was followed by a brief decline before stabilising once more at $61,000. This in turn suggests strong market sentiment and an upward trajectory, as proven by the stability and maintenance of its upward trajectory.&nbsp;  
Bitcoin's market performance in the past 24 hours reflects a positive trend that is driven by strong investor confidence, rising demand, and increasing adoption.  
<h2 class="wp-block-heading" id="h-bitcoin-price-action">Bitcoin Price Action</h2>  
Bitcoin price chart movement represents the formation of a Gartely pattern, with prices moving through points X,A,B,C and D, which highlights the completion of the pattern near the $59,774 mark. This shows a potential reversal zone that traders should pay close attention to.  
As of press time, <a href="https://cryptonewsland.com/bitcoin-dominance-hits-56-2-long-term/" target="_blank" rel="noopener noreferrer nofollow">BTC </a>is trading at approximately $60,897, which reflects a minor decline of 0.43% from the previous day's close. The paternal trajectory is showing a possible upward movement that could target the 23.60%, 38.20%, and 50.00% Fibonacci retracement levels. With the first major resistance at $68,000, an extended target of $73,846 is aligned with the 78.60% Fibonacci level.  
The Relative Strength Index, which is right now at 51.20, is suggesting a neutral maket movement, which indicates that Bitcoin is neither overbought nor oversold. Both the signal line and the RSI line are in the middle, not providing a clear indication of whether the market is increasing or decreasing.  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdLPszWjXalwpYyc3pBAo6BykoOc58ucuGoeWPnnvNuzd24sQAU6Q3aNMBKWfCUBnk0OUGGEywr5OoLFM_1mWLOt750uxR03cpDTOy0YC8ftk80OI9KWeisDq0jqaF97dB6RHywk4f0iLgmWGeQ5495CeML?key=jLYvmm86NuChWCTdZPWOhw" alt="">
</figure>  
Source : <a href="https://www.tradingview.com/chart/YP9EFueQ/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a>  
Meanwhile, the Moving Average Convergence Divergence indicator shows a slight bearish divergence. With the MACD line below the signal line, its value is currently -636 compared to the signal line's -974. However, the histogram's position suggests a potential shift towards bullish momentum if the MACD line crosses above the signal line in the upcoming days.  
The support levels are marked at the 161% Fibonacci extension near $52,000 which is a critical level that might serve as a strong support if price dips further. Conversely, the resistance at $73,846 represents the upper boundary for Bitcoin's potential upward movement if bullish momentum gathers strength. 
The post <a href="https://cryptonewsland.com/bitcoins-market-performance-gartley-pattern-indicates-potential-for-upward-movement/" rel="noopener noreferrer nofollow">Bitcoin’s Market Performance: Gartley Pattern Indicates Potential for Upward Movement</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Bitcoin’s Market Performance: Gartley Pattern Indicates Potential for Upward Movement

Table of Contents

Crypto News Land

Other articles published on Aug 22, 2024

Marathon Digital Acquires $249M in Bitcoin Following $300M Senior Note Offering

What is the Recent Paradigm-Funded Reddio Network?

Top Dogecoin Trader Praises DTX Exchange’s AI Features as the Next Game-Changer Over Cardano (ADA)

Partner of ex-FTX exec hit with campaign finance charges

Bitfarms stock earns analyst praise after ‘transformational’ deal

Just-In: Coinbase To Support 1:1 Euro to EURC Conversion Under MiCA Rules

Join our free newsletter for daily crypto updates!