BTC Update on August 2
2 major support levels directly at 112.8 - An important reversal frame in the rising and falling structure of BTC. If BTC continues to drop without correction, it means breaking the bullish structure => almost a downtrend.
Reality:
- The important EMA50 causes the price to bounce up.
- The MACD is red and crossing down but still positive.
- SRSI - RSI is oversold, likely to reverse.
- Funding has decreased to 0.0022, OI has sharply decreased, long positions are gradually exiting (or nearly all being killed =)).
- The cash flow is indecisive, occasionally transferring a few hundred BTC to manipulate the price, while the rest is leaving the exchange. (no distribution)
Assessment:
- 112.8 will be the temporary bottom of BTC in the near future, will test this bottom again in 1-2 sessions.
- The price will bounce back to 116.x and touch various resistances. If it breaks through, it will rise to 118x and may turn back down.
- If BTC reaches 119 - The short trap has been completed - The price continues to rise.
Worst case:
- The next bottom at 110 and 107, I will post another analysis.
