BTC August 5th Trend Analysis！
Currently, this market is characterized by small-scale movements driving large-scale increases, gradually rising without much noise. There may be another opportunity to get in later this evening.
From the daily chart perspective, it has nearly retested the position of the 30-day moving average. If it can rise above the 116000-116800 level within three days, it will once again start a rapid upward trend.
We cannot rule out the possibility of a rebound followed by further downward adjustments, so it's important to pay attention to the situation around the 112800-113400 range. If this range is broken, it will continue to decline; however, if it holds, it will at least find another way to consolidate and continue moving upward.
Additionally, it's worth noting that: ETF BlackRock conducted a significant sell-off of BTC yesterday, marking the largest sell-off in the past two months, raising suspicions of continued selling. Therefore, if it breaks the two levels I mentioned above, do not take long positions.
Looking at the previous market trends, Bitcoin often declines by over 10,000 points after breaking new highs, oscillating within the 10,000 range. There isn't much space below in the short term.
