BTC Update on 8/8
The price broke the resistance at 116.7 and closed a 1H candle fully green at 117.5 - Indicating a trend reversal to the upside!
However, the smaller timeframes are overbought and there hasn't been a clear pullback yet, so the trend in the next 1-2 days will likely see a slight adjustment to 115-116.
Analysis:
- The price is expected to range between 117.5 - 115.5 for the rest of this week while waiting for the CPI news for July.
- If there is bad news, BTC could drop slightly to 114.0 (unlikely).
Entry:
- It is advisable to wait for the lower ranges of BTC to go long - the expected increase is to 125.0 in the next 1-2 weeks.