BTCUSD 02 AUG 2020 (why the 12.9% drop?)

Where were the buyers during that weak up move? Look at volume when RSI touched 25. Where there buyers down there?

Look at the volume reaction after the drop off of that previous support.

Does that mean price will just take off?

Avoid buying into resistance/weakness/supply
Avoid selling into support/strength/demand
Avoid entry in the middle of a range (phase B)