I just took a look at the chart. #BTC is still holding above 121. This is a crucial level.
The lower shadow of the daily candlestick on August 11th was quite long, clearly indicating buying at a low level, absorbing the selling pressure.
But don't get too excited. On July 14th, a long upper shadow formed near this price, but the attempt to break higher failed and was pushed back into the range. Although the price closed above the breakout line this time, the upper shadow is still quite long, indicating that selling pressure from above remains.
My current thinking:
121 is a watershed. If it holds, there's still a chance for a higher high, possibly above the previous working high.
If it breaks below, 118.8 will be the first level to watch. If it does break below, the range bottom of 112.6 will likely be tested again.
The recent appearance of long upper and lower shadows is basically a sign of buying and selling forces testing liquidity, indicating strong short-term fluctuations.
As for volume, if it increases during rallies and decreases during pullbacks, it's considered a healthy trend. I'm holding off on chasing it for now, waiting for it to stabilize above 121.
If it doesn't hold, short-term shorting will be a much easier opportunity.