BTC VIP Analysis

AUGUST 20th, 2024

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BIAS:

Mid-Term: BEARISH

Short-Term: BEARIH

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The price action of $BTC on the H4 timeframe has bounced back from its horizontal support region, as expected, and successfully filled the FVG gap between $59,330 to $58,705. The price action also squeezed out the buy-side liquidity.

Currently, the price action on the H4 timeframe is consolidating in a compression level, respecting the support trendline. If the price action breaks down this trendline, it could squeeze out the lower liquidity levels. 📉🔻

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MAIN INTEREST LEVELS

⬇️SHORT⬇️

$58,810

⬆️LONG⬆️

$56,737

PREDICTED DAILY RANGE

$54,748 to $61,248

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VIP ACTION PLAN

The price action indicates that the lower FVG gap level, marked between $56,820 to $55,462, is yet to be filled.

We can anticipate that the price action will break down its trendline and encounter some rejection points at that level. 📉⚠️

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BabyWhale®