$BTC Updates 28th August
My dear friends, I have not looked at the charts for two days in a row while I am on the road. But I am concerned about BTC, as well as altcoins.
Let's take a quick look at the current situation of BTC.The lines I drew before have not changed, but are just adjusted according to the situation.
Looking at the 4-h chart(pic 1), BTC is still active inside the channel. It peaked at $65,000 on both August 24 and 26, but it did not stand firmly and strongly.Then, BTC went straight down, and immediately stopped at the "sponge pad" support value of about $58,000 mentioned many times in my previous posts. We should remember this important support price for this moment.
I feel in the very short term, BTC's activity range is very small, and it is likely to be active from about 58,000 to the recent peak of about 65,000, which means that there is a high probability that BTC will not rise above 65,000.
Then let's take a look at the 30-minute chart (pic2). After zooming in, we can see that BTC did not go straight up after the plunge, but formed a high-pressure buying and selling area like an open trumpet.
Here, another possibility arises. BTC may also fall again. It will first be supported by the 58,000 support price, forming another high buying and selling pressure in that price range, and then it may fall to the next support price point of around 55,500 US dollars.
Honestly, at this time, it is a very difficult time for BTC.
We retail traders and investors must definitely pay more attention to it.
#BTCâ #CryptoMarketMoves #BinanceBlockchainWeek #Write2Earn!
