#0🅇8🄾0🄼™ | Here is #PrediksiHargaBTC with Technical Analysis for the first week of August 2024.
#0🅇8🄾0🄼™ | Bitcoin, as the world's leading cryptocurrency, remains one of the most attractive assets among international investors and traders. This week, we will conduct a Bitcoin price analysis on Binance for August 2024. This analysis will be based on historical data, technical indicators, and market sentiment.
Current Bitcoin Price - In early August 2024, Bitcoin price was trading at around $61,984 with a decrease of 15.14% to $54,588 at the time of writing. And based on the Fear and Greed Index it is at 63, which indicates greed in the market.
Technical analysis
Moving Averages (MA)M
• 50-day MA. Bitcoin price is above the 50-day MA, indicating a short-term bullish trend.
• 200-day MA: The price is also above the 200-day MA, indicating a long-term bullish trend.
2. Relative Strength Index (RSI).
• RSI is around 70, approaching the overbought zone. This could be a signal that the price may undergo a correction in the near future.
3. Bollinger Bands
Bitcoin price is currently near the upper boundary of the Bollinger Bands, which also indicates a potential correction or price consolidation.
Market Sentiment
Current market sentiment is positive, driven by positive news such as increasing institutional adoption and Bitcoin ETF approvals in several countries. However, investors should remain wary of high volatility.
Weekly Price Prediction
Based on technical analysis and market sentiment, here is the Bitcoin price prediction for the 2-week period of August 2024:
- Minimum Price: $54,543
- Average Price : $61,588
- Maximum Price: $70,000
Conclusion
This week, Bitcoin is expected to experience high volatility with potential for short-term corrections. However, the long-term trend remains bullish. Investors or traders are advised to monitor technical indicators and market news to make more informed and informed trading decisions.