The current #MarketDownturn could be predicted by using technical analysis. #BTC☀ MACD at the 1d crossed over downwards at the end of last month, beginning August bearish. It is therefore not surprising that there was a downwards movement this week.

Any political or financial news such as Kamala Harris running for president only increased fear and caused the sharp decline to 49k.

If you bought the dip at 49k you are safe for now as the MACD on the 4hr is still bullish and we could have a few more hours of an upside or maintained support even into the weekend.

Margin traders who intend to hold should support their assets though as MACD is still bearish on the weekly chart and could begin bearish next week or even begin bullish and go up to 70k and attempt to break that resistance. With a rejection, markets could crash again even to below 49k. This is particularly for those trading altcoins and meme coins as they react more faster and more sharply to #BTC gains or losses.

Taking profits from time to time is my personal trading strategy to hedge against possible market drops and keeping my margin levels low. Beginning to trade at 00:00 UTC too gives a very clear view of how the day is going to turn up and which coins to trade.

While the 1M chart is bullish for now, it's still too early into August to predict with certainty how #BTC will move in September.

A good political and financial environment could improve market sentiment and bring in more bulls which could help break that resistance that #BTC has been struggling to break for months now.

I'll keep observing.