The BTC and crypto market dump on August 5 is similar to the dump almost exactly a year ago.
Then, let us recall, on August 17, the dump was on two fake news stories (on SpaceX and Evergrande) with the participation of top media.
Both then and now, the second lower line was broken on the indicator with multipliers on the daily TF #BTC. This is an important event for the market, signaling cascading liquidations and capitulation of bulls. And there has not been such a dump since August 2023. Then, in one day, the price fell by -12.5%, today overnight by -10% (and in two days by -14%).
After that fall, the price spent another two months in the range, and then gave a pump on fake news from#Cointelegraphabout the alleged approval of the BlackRock spot Bitcoin ETF. And an upward movement began on this narrative to a new ATH. There are not many reasons for optimism right now. The price might not have finished its decline yet (although most likely it has and that was the culmination). But parallels are obvious. Not only in terms of the decline, but also in terms of future growth. Remember the BUY signals that came from the Hash Ribbons indicator with the highest percentage of execution in history. On daily, weekly and monthly TF. According to the experience of the latest signals, they were followed by dumps for liquidating longs.And after - growth.
