▪️ Market context
Looking at the market, everyone can understand why in the past 1 week, on Vietnamese Crypto Trading channels, there has not been a single spot surfing order called.
Surfing when#BTCapproaches the old peak is an option that carries more risk than opportunity. If you have held coins before, I advise you to turn off the app and do other things,#BTCwill reach the ATH mark again but not in the next 1-2 weeks, it is a story from now until the end of the year.
📊 Technical Analysis
▪️BTC/USDT Timeframe D1
After the Bullish Pinbar on August 1, it seemed like a liquidity sweep and continued to increase, but on August 2, it wiped out all previous efforts with a Bearish Marubozu breakdown support candle accompanied by confirmation volume.
Currently there is a recovery and#BTCis fluctuating around $61.9xx, our short-term plan is still to go short to follow the trend.
In the long term, #BTC's wave structure does not change, it is a wide amplitude sideway at the top.
▪️BTC/USDT Timeframe H4
Since creating a peak price of $70,080, the Bears have executed strong sell orders, pushing the price close to reaching the old support zone of $60,000.
In the past 24 hours, a total of $295 million in orders were liquidated, at this time long and spot buying orders are limited.
If you want to surf the spot and wait for#BTCto reach the $60k price range, that is the confluence between the psychological support zone + support + fibo 0.618.
For futures buyers, watch short at the resistance zones above.
The expected plan for this weekend is to wait to short at $63.1xx - $63.3xx
▪️Milestones to pay attention to: 60000 - 62500 - 63300 - 65500
* The above is purely personal opinion, not investment advice!
#Vietnamcryptotrading