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. đđ»
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MAIN INTEREST LEVELS
âŹïžSHORTâŹïž
$58,810
âŹïžLONGâŹïž
$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. đâ ïž
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BabyWhaleÂź
