BTCUSD Market Analysis- August 24
Bitcoin resumes its upward momentum as a double bottom pattern signals a strong bullish continuation in price action.
Bitcoin (BTCUSD) Key Levels
Support Levels: $110,400.00, $101,800.00
Resistance Levels: $119,900.00, $126,900.00
BTCUSD Long-Term Trend: Bullish
Bitcoin continues to demonstrate a dominant bullish outlook, with price action maintaining a structure of higher highs. The bullish momentum recently broke through the $119,900 supply level, extending toward the $125,900 zone before encountering resistance.
Following this advance, the market entered a deeper retracement phase, where a significant bearish decline shaped a double bottom formation. This classical bullish reversal pattern, reinforced by the appearance of a bullish engulfing candle, strengthens the case for a continuation of the upward trend.
Although the current movement reflects a short-term bearish decline, this is best interpreted as a corrective retracement within the broader bullish structure. The daily Relative Strength Index (RSI) shows momentum tapering off toward oversold conditions, suggesting the market may soon regain strength and resume its bullish trajectory.
BTCUSD Medium-Term Trend: Bullish
On the 4-hour chart, Bitcoin has already shown evidence of renewed bullish momentum as the prevailing bearish trend line was decisively broken. The breakout occurred with a strong bullish candle that propelled price upward without allowing a healthy retracement.
At present, the market is undergoing a short-term pullback, reflected in consecutive bearish candles as price revisits the breached trend line. A successful retest of this structure is likely to trigger renewed bullish activity, aligning the medium-term setup with the broader bullish outlook from the daily timeframe.
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