BTC analysis 2 August 2021

The price of btc has been up and downs in the 40 000 USD range for the last few days. There is no doubt that this cumulates to a bigger move coming up this week. Here are our analysis on the potential Bull and Bear cases. My strategy is in the critical point paragraph below.

Bearish case
On the top chart, we have our bearish case. We broke down the raising channel yesterday and retesting the channel as a resistance before the larger correction down. If we dont break above 40500USD today or tomorrow. We will start seeing 37500USD and 36000USD. Please note this entire set up can be ultra bearish where we have completed the ABC wave up and more action downwards below 30 000USD.

Bullish case
On the bottom chart, we are still within the raising channel for ABCDE. We have one more wave up to 44000USD area this week. We first need to confirm by breaking the 405000USD and 42000USD before going to 44000USD as a last resistance.

Critical point
The critical point to both the bearish and bullish cases above is 39500USD level. Keep above this level will indicate that we have more upside going on and breaking it on a 4 hour timeframe indicates we will dump further.

I have bought a bag of position around this level and monitoring where the price goes. Please note nothing goes up forever, we will need a correction down where everyone thinks we are in a bear market again, thats just how the manipulation wants everyone to follow.

Kind regards
Not financial advice

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