BTCUSD Short-Term Analysis for 08/11/2024

Disclaimer: This is my personal opinion and is intended for educational purposes only. Please consult your financial advisor before making any decisions.
Time Frame: 1-hour

Market Analysis:
The 1-hour BTCUSD chart exhibits a weakening bullish trend. However, with the price holding above the 20 and 50 EMA, there's potential for another upward move. Key support level to watch: 74,551.42. A break below this level could trigger a downturn to fill the imbalance gap." gap.

Key Levels:

• Support: 74551.42
  

Trading Bias:
Following up on our previous analysis, the BTCUSD price continues to consolidate within an bullish pennant pattern on the 1-hour chart. The probability of an upward breakout is increasing, which could propel the price towards new highs, potentially to 78,000.

https://www.tradingview.com/x/zsWD23lj/