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BTC live analysis and Prediction on 8/4/24 My overview is bullish in BTC as per current buyers and sellers activity.
if price test resistance and retrace not more than 50-60% then a bounce is expected.
If price fail to test resistance then this overview will consider as NULL (conditions not fullfilled)
BTC is going to do something interesting...CRYPTOCAP:BTC update
As I mentioned, the $63.8k level is very important, and we are currently at this point. We should either bounce from here or stay around this level for a few days before rallying to $72k.
The high of July 1st ($63.8k) is crucial to hold. If we trade below it for several days, we may see a deeper pullback, which I am not expecting. A prolonged dip below $63.8k could be the first sign that we are heading towards a new macro low (below $53k), potentially leading to a bear market for the rest of the year. In that case, the next significant opportunity might not come until 2025.
For now, I am holding everything tightly. This is a consolidation phase, not a bear market, although altcoins might take a hit due to BTC dominance being very bullish. Only strong coins are likely to move with BTC.
MIDTERM BEARISHWe are entering the strongest resistence area that was not successfullly broken yet (4 years).
Also we are at the VAH of this huge consolidation! Bearish divergence is looming on 4H charts... A lot of bearish confluence!
Playing some shorts at this lvl is in your favour.
Always take partial profit on the way down.
GL
Good Bounce in BTC as expectedBTC created a sharp bounce from 50-60% Retracement levels which was expected. But I was expecting price will consolidate near resistance level but price directly break the resistance in this quick move thats why there this a retracement. People booked there profit after a quick move
IF there was consolidation near resistance then sharp continuation was expected.
The similarity between BTC and Gold will shock youWelcome all
I checked the GOLD chart after hitting new ATH recently and I found big similarities with BTC
both assets formed :
1- Accumulation phase
2- Stoploss hunt phase
3- And finally, GOLD made the uptrend phase and printed new ATH
historically BTC has followed GOLD several times before (why not? it's the digital GOLD)
if we followed the pattern of GOLD then BTC now should be on its way for achieving new ATH!
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