BTC VIP Analysis

AUGUST 30th, 2024

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BIAS:

Mid-Term: BEARISH

Short-Term: BEARISH

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The price action of $BTC on the H4 timeframe is consolidating at its horizontal support level, marked between $58,519 to $57,588. Here, the price action may show a short-term bounce to fill the candle imbalance. 📊

However, the price action has left an FVG gap and a sell-side liquidity level marked at $56,161, which we can expect to be squeezed out after a breakdown and retest below its support region. 📉

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MAIN INTEREST LEVELS

⬇️SHORT⬇️

$58,355

⬆️LONG⬆️

$57,042

PREDICTED DAILY RANGE

$55,354 to $61,789

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VIP ACTION PLAN

The price action on the H4 timeframe, after breaking down its support trendline, is now consolidating at its horizontal support region. It has broken down the neckline of this support level and is heading toward grabbing the lower liquidity levels. 📉💧

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Yours truly,

BabyWhale®