EIP1559 was one of the reasons for the boost in cryptocurrency in the last few days. Since it improved the functioning of the blockchain.
At the exact moment, BTC hit the downtrend line (red line). But BTC didn't have the strength to break it. This means that BTC remains within the downtrend gap, but with very important support between 41k to 37.5k dollars.
The parabola represents the likely trajectory of BTC in the coming weeks. At first, BTC will fall until the 20th of August, when it will hit one of the Fibonacci Retracement lines and shortly thereafter, will enter a strong uptrend. At this point, BTC will have enough inertia to break the downtrend (red) line and continue to grow until the maximum Fibonacci Retracement = approximately $59615.
At the exact moment, BTC hit the downtrend line (red line). But BTC didn't have the strength to break it. This means that BTC remains within the downtrend gap, but with very important support between 41k to 37.5k dollars.
The parabola represents the likely trajectory of BTC in the coming weeks. At first, BTC will fall until the 20th of August, when it will hit one of the Fibonacci Retracement lines and shortly thereafter, will enter a strong uptrend. At this point, BTC will have enough inertia to break the downtrend (red) line and continue to grow until the maximum Fibonacci Retracement = approximately $59615.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.