BTC ANALYSIS 08/10 $BTC
* On the D1 frame: The D1 candle that just closed has a very long upper shadow and closes near the bottom, forming a Bearish pinbar candle, showing strong selling pressure above. The strong increase in volume also confirms this.
- Thus, selling pressure has returned after an unsustainable recovery as I previously predicted. Therefore, I still maintain the view that BTC will likely decline to the 58-60k range in the near future.
* On the H4 frame: BTC creates a false breakout through the previous previous peak (reversal zone), it sweeps up to this old peak and then declines, forming a bearish pinbar candle with very high volume. This shows strong selling pressure at this important zone. With such a sell signal, BTC is likely to reverse to a decrease on the H4 frame.
* Short term trading idea: Short limit BTC, entry 63-64k, SL 65k1, TP 58-60k
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