Daily Frame (1D): The price has broken below the middle line of Bollinger Bands (SMA20) and closed at the lower edge of the Bollinger Bands. This indicates that selling pressure is dominating, while the candlestick pattern continuously fails in the range of 119k-120k, creating a strong resistance zone. → The downward pressure is increasing.
4H Frame: BTC has broken the short-term support around 116k and is currently closing candles outside the lower Bollinger Band. This reflects a temporary oversold signal; however, there is no strong rebound, indicating that the buying side is weak. → High probability of continued adjustment or sideways accumulation at lower levels. 📌 Conclusion: BTC is leaning towards a short-term downtrend. It is necessary to monitor the reaction at the 114k zone to determine whether buying pressure will return or if the decline will continue deeper.
when the whole world is afraid is also the time we can enter the market. $BTC I think there will still be a sideways trend for the next 1-2 days. For altcoins, waiting to go long is the best.
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Trend analysis $BTC on July 31: Daily frame (1D): BTC price is fluctuating around the center line of the Bollinger Bands (SMA20), indicating an accumulation state. The Bollinger Bands are narrowing, showing low volatility and a high possibility of an upcoming breakout. Recent candles have long upper wicks but did not surpass the resistance area around 119,500 → selling pressure is still present.
4-hour frame (4H):
Price has recovered from the lower Bollinger boundary and is approaching the SMA20 line → a sign of short-term recovery. However, the price structure remains sideways within a narrow range (116,500 – 119,500), with no clear trend. There is no significant volume increase, indicating that buying power is not yet decisive.
Highest probability: BTC continues to move sideways/accumulate in the range of 116,500 – 119,500 in the short term. To establish a clear trend, a breakout from this range with convincing volume is needed: Break above 119,500 → opens up opportunities towards 122,000+. Break below 116,500 → clearer bearish reversal signal.
Open Interest of $ETH has surged to nearly 40%, the highest since April 2023. Only about 5% of days in history have had higher levels than this. This means that money is moving out of Bitcoin to switch to Ethereum.
A very positive signal for the bullish momentum of ETH.
1D Frame: BTC price is moving sideways around the resistance zone of 120,000 after a strong increase. Bollinger Bands are gradually narrowing, indicating an accumulation phase. The most recent red candle slightly penetrated the MA20 line, signaling that selling pressure is increasing.
4H Frame: The price is oscillating around MA20, with spikes followed by quick sell-offs. Bollinger Bands are slightly contracting, indicating the possibility of a strong volatility phase upcoming.
→ The likelihood of a slight correction to the support zone around 116,000 – 117,000 is a higher probability scenario in the short term, as the upward momentum is weakening, and the candles failed to approach the resistance zone of 119,500 – 120,000.
Conclusion:
BTC is in an accumulation - correction phase. Need to observe price reaction at the 116,000 zone. If it holds steady, the long-term uptrend will be maintained. Conversely, breaking this zone could lead to a deeper decline.
Analysis $BTC on July 29 🔍 Timeframe 1D (Day): The price is currently sideway around the peak region, fluctuating in the range of 116,000 – 120,000 USD.
The price line remains above the middle line of the Bollinger Bands (BB), indicating that the medium-term trend is still positive.
Bollinger Bands are starting to narrow, reflecting accumulation and the possibility of strong volatility soon.
Short-term support: 116,358 USD (middle line of BB).
Resistance: 120,151 USD (upper band of BB) – if broken, it will confirm a new upward movement.
⏱️ Timeframe 4H: BTC is testing the resistance area of 119,400 – 120,000 USD but has not decisively broken through yet.
BB in the 4H timeframe shows signs of slight expansion, implying momentum may return.
If it cannot break above 120,000 USD in the short term, the price may continue to fluctuate in the range of 117,000 – 120,000 USD. ▶️ Bullish (Breakout above the range of 120,000 USD) Probability: 65–70%
Near-term target: 122,500 – 124,000 USD
Condition: Need a 4H or 1D candle to close above 120,000 USD with confirmed volume.