Bitcoin showed signs of building on in early August after bouncing off a low around $112,000🤫. However🤠, after its latest high at $124,128, sellers quickly stepped in, pulling the price down😉. The decline has been accompanied by fading short-term momentum. Although it might be too early to conclude, relative strength index (RSI) readings are starting to point to a bearish divergence on the 4-hour candlestick timeframe chart.
Taking to the social media platform X, crypto analyst CasiTrades outlined what they believe could be the start of a larger ABC corrective structure for Bitcoin. According to the projection, Bitcoin may be entering Wave A, which consists of a five-wave corrective structure that could send the price to as low as $77,000 $BTC
Tell me what 🤔 u think!
