$BTC VIP Analysis

AUGUST 10th, 2024

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BIAS: 

Mid-Term: BULLISH

Short-Term: BEARISH

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The price action of $BTC on the H4 timeframe has performed as expected, showing a decrease in price from both its horizontal resistance level and the 200 EMA resistance level 📉.

Currently, the price action is holding at its horizontal resistance level, marked between $60,905 to $60,102, and a potential double top formation is emerging, which may signal further downside pressure.

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MAIN INTEREST LEVELS 

⬇️SHORT⬇️ 

$60,581

⬆️LONG⬆️

$57,904

PREDICTED DAILY RANGE

$55,608 to $61,248

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VIP ACTION PLAN

The price action on the H4 timeframe is currently rejecting from its resistance trendline level 📉.

This rejection suggests that the price action may move downwards to fill out the candle imbalance level marked between $59,384 to $57,904.

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Yours truly,

Team CK