Bitcoin Dumping: Just A Little More!

4 Agu 2024

In my last BTC analysis I talked about the post-ETF sell-off that BTC saw, and which would likely trigger after the Ethereum ETF.

We're now a few days after the fact and crypto is selling off hard, especially the alts.

In my opinion, it's likely that BTC will keep on going down. We might see a short-term reversal in the near future due to being extremely oversold, but in the end I assume we will still revisit the green area as mentioned in this analysis:

The green area is an ideal entry for the bulls. Ideally, it's paired with a daily oversold RSI.

At the moment, my market outlook is neutral. Will switch bullish when we will break through the top yellow resistance and bearish if we fall through the bottom purple support.

Interested to read your BTC outlook in the comments.

5 Agu 2024

Catatan

We dropped much harder than I anticipated. If we stay below the bottom purple support = bad. Daily RSI is oversold at the moment, so a bounce can come soon. Be careful trading at this moment.