Bitcoin trend analysis for July 2024
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Hi guys
My name is Josaboo and I will be your investment guide.
Today's post will talk about the price trend of Bitcoin, the leader in cryptocurrency.
The date of writing this post is 12:00 PM on July 24, 2024 in Korean time.
I would like to talk about my analysis of the Bitcoin chart.
First, please look at the line guide below to see the 2024 Bitcoin trend that I analyzed.
Currently, Bitcoin has reached its highest price of this year, $73.7K, and continues to decline.
Looking at the long-term trend lines, it looks like it will exceed $70k again.
However, looking at the short-term trend, that is, the daily trend line, it is expected to drop to $51K by the last day of July.
Looking at the moving price average, it appears that the decline will continue.
From a short-term perspective, I think Bitcoin will hit a price record of $49K and bounce back.
However, if the price resistance of $49K is broken, it may fall to $35K, so please make a careful decision.
If there is a worst decline, it is expected to go up to 46.3K, and if there is a sudden rebound, it is likely to rise to $59.3K.
I think the price will be decided in the pink box by August. (46.3K ~ 58.8K)
Of course, overshooting may occur and temporarily exceed $58.8K.
However, it will likely be difficult unless there is a clear trading volume.
If the FED confirms a rate cut in September, there is a possibility that it will surpass the $58.8K price resistance and go to $71K.
But there are variables here.
These are the regulations on cryptocurrency trading in countries around the world.
You must monitor these issues and be cautious when investing.
If I were you now, I would invest in Spot when the price is below $50K.
If you are investing in Bitcoin futures, a low leverage short bet of 3X or less is also an option.
July and August can be the most difficult months for you to invest in Bitcoin.
It's also a good idea to take a break from investing for a while and go on vacation.
Investment is based on personal judgment and this data is one of the reference materials for investment.
Please note that any profits or losses from any investment are your responsibility.
I do not provide paid investment information or paid investment lectures on Telegram or Facebook Messenger.
If you like and follow us a lot, we will post more good posts.
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