BTC
Bitcoin has retested the support line of the consolidation channel (29308) and bounced. If you managed to trade this, congratulations. From a technical point of view, the price is slowly falling. I think today we may see the support line around 29308 being tested again. Also, I expect news about the ETF today (check the fundamental panel block), which means there may be some volatility during the announcement. Overall, the market is not changing drastically and the price is slowly falling, as I mentioned before. On the longer timeframes, the price is consolidating, which means we will see a breakout/break soon (probably next week). The RSI is at 45, which is almost neutral. During the past night (02:00 UTC), a bullish divergence appeared, but it has not yet played out. From a fundamental point of view, the deadline for the ARK Bitcoin Exchange Traded Fund (ETF) is Sunday, August 13. I don't think the results will be announced on Monday, because technically, this would mean missing the deadline. I think everyone expected the ARK ETF to be delayed, which means the market has already priced in this news. Additionally, there is the Producer Price Index (PPI) data release today at 12:30 UTC. Some volatility is expected during this event.
The volume chart looks good. There are three volume gaps: 29076-29156; 29273-29400; 29594-29727; and the value area (POC) is located at 29048.
Today's plan: I will wait for price action around the support line of the consolidation channel (29308). If the price touches and rebounds => go long; if the price breaks down and rejects => go short;
ETH
Ethereum price is fluctuating around a local resistance level (1851). The price broke through this resistance yesterday but was rejected again. From a technical perspective, the current price has been rejected again. If the price fails to recapture 1851 within a few hours, I think we may see a small drop to around 1837 (there is a volume gap at this level). Similar to Bitcoin, Ethereum price is also consolidating, which means that there will be larger fluctuations soon. Overall, from a technical perspective, there are no major changes. The relative strength index (RSI) is at 46, which is neutral. There are no divergence signals overnight. Bitcoin dominance is consoli at around 50.50 levels.
From a fundamental perspective, there have been no major changes other than those mentioned above.
Volume chart looks good. There is a volume gap: 1838-1848; the value area (POC) is at 1830.
Today's plan: I will wait for the current price action (candle close to confirm rejection). If price is rejected => go short; if price breaks out and retests it as support => go long;
