The selloff from $5000 seems to have stabilized, falling back to the previous support above $4500. We seem to have slowed the rate of decline, with MACD approaching neutral on the 1hr chart. DMI is of concern as the blue +DI and orange -DI are reversed, which indicates strong bearish pressure. If the red ADX line moves into the space between it will indicate a short entry point.
I will be watching whether price activity stays within the downward diverging channel, and whether price support holds above the $4500 level. I suggest setting a stop loss under the support or moving your BTC to alts until we see a breakout before September 5.
I will be watching whether price activity stays within the downward diverging channel, and whether price support holds above the $4500 level. I suggest setting a stop loss under the support or moving your BTC to alts until we see a breakout before September 5.