$BTC VIP Analysis

AUGUST 5th, 2024

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BIAS: 

Mid-Term: BEARISH

Short-Term: BEARISH

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As expected, the price action of $BTC on the daily timeframe has taken out its sell-side liquidity level, which was marked at $56,635 📉.

The price action also targeted further downside liquidity levels, reaching the area marked at $50,600 📊.

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MAIN INTEREST LEVELS 

⬇️SHORT⬇️ 

$59,474

⬆️LONG⬆️

$51,849

PREDICTED DAILY RANGE

$50,424 to $59,755

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VIP ACTION PLAN

The price action of $BTC has formed consecutive bearish candles 📉 after breaking down its horizontal support level marked between $60,320 and $59,474 📊.

A bounce back in the price action may be seen on shorter timeframes ⏳, though currently, the price action is in indecision mode 🤔.

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Yours truly,

Team CK