Short-term potential scenarios
Bitcoin breaks downward trendline on the 1-hour timeframe, indicating potential buyer strength. Possible rise to $61,000 with key support levels at $57,000 and $55,000 for potential corrections
8/9/20241 min read
Bitcoin has broken its downward trendline in the 1-hour timeframe, indicating a relative return of buyer strength. This breakout could lead to liquidity accumulation at higher levels.
Potential Scenarios:
Rise to Around $61,000:
After breaking the downward trendline, Bitcoin might move towards the $61,000 range. This level could act as a liquidity accumulation zone, triggering increased buying and selling activity.
Correction Towards Lower Supports:
After reaching the $61,000 range, Bitcoin might correct towards lower support levels. The key support levels in this scenario include:
$57,000 Level: This level could act as the first strong support in the downward path.
$55,000 Level: If the price continues to decline, this level could act as a stronger backup support.