While Bitcoin followed a horizontal course last week after the declines, the price fluctuated between 57,000 and 58,000 dollars.
While investors are waiting for a break above $ 60,000, the experienced analyst shared the main support and resistance levels to watch in Bitcoin.
At this point, the analyst stated that the main resistance levels to watch for BTC are $ 61,340 and $ 64,620, and the critical support level is $ 57,670.
The analyst also examined the four-hour chart of Bitcoin and noted that the price is forming an ascending triangle pattern.
Against this pattern, the analyst argued that if BTC makes a successful break above the $59,200 resistance level, the price could rise to $63,800.
#Bitcoin seems to be forming an ascending triangle on the four-hour chart. A successful break above the $59,200 resistance level could propel $BTC to $63,800! pic.twitter.com/VOuPwd8hzm
— Ali (@ali_charts) July 13, 2024
The Indicator That Brought a Big Rise Burned Again!
Finally, the analyst stated that the data that brought an increase in Bitcoin the last two times gave a signal again.
At this point, Martinez pointed out that after the losses of Bitcoin investors fell below 12%, the price increased by 104% and 193%, and said that the losses realized by the investors fell below -12% again.
The signal that brought the analyst a 104% and 193% rise the last two times has been lit again, and if history repeats itself, Bitcoin could be on the verge of a big rally.
“The last two times Bitcoin traders' losses fell below -12%, BTC rose 104% and 193% respectively.
Now realized losses are again below -12%!”
The last two times #Bitcoin traders' realized losses dropped below -12%, $BTC soared 104% and 193% respectively.
Now, realized losses are below -12% again! pic.twitter.com/DMfK6xGQiR
— Ali (@ali_charts) July 13, 2024
*This is not investment advice.
