In this hour, candles closed on several timeframes, and the first thing to pay attention to is BTC on the 4-hour timeframe.
The price of #BTC has just transitioned into a sustained downtrend on this timeframe.
Before this, in a sustained uptrend, the price rose from $105,984 to, at its peak, $110,530. Almost 4.4%. Not far from the highs, around $109,530, on June 10, there was a marker of a potential high on the 4-hour timeframe. And simultaneously - on other timeframes, as we had warned.
Today, a steady downtrend was established during the decline on the 3-hour timeframe. The price is currently below $107,000, but on both timeframes, besides the downtrends, there are also two markers of potential lows. On the screenshot of the 3-hour timeframe, they are simply not visible behind the marker of the second base target.
I didn't want to see downtrends on these two timeframes. Since they exist, it reduces the likelihood of a V-shaped reversal. However, we closed our aggressive long position back on June 10. Overall, it's nice to see that, having taken +203% profit and waiting for new signals for growth, we are already almost at the entry level of the previous position.
The price almost tested the trendline with the ATH from May 22, while simultaneously receiving the first serious signals for a potential rise since June 10. We are observing. It is unlikely that a return to an uptrend only on the hourly timeframe will be sufficient for a new long position. There is a feeling of selling pressure. This is not the situation when there is a sustained downtrend on the daily timeframe.
Regarding important horizontal levels.
Currently, the price is below $107,096; as long as it remains below, we may see a quick test of $106,157. Even despite the trendline with the ATH that is in the way. The next horizontal support is $105,405. However, for bulls, it would be better not to break $106,157. Overall, all important supports and resistances are on the screenshot.
What about altcoins? As mentioned, today's 19 signals regarding sustained downtrends on the 4-hour timeframe are just the beginning. On the new current candle, another 32 assets have transitioned into a downtrend. Among them are no longer some 'gallery' altcoins, but XRP, SUI, LINK, TON, DOT, AVAX. This also hints that the risks of continued correction remain.
