ImamShaheb
Valued Contributor
On the daily BTC lost trendline and flipped bearish. Also, BTC is below the 200 DMA. This confirms a bigger drop to 20k. But on the LTF notice that BTC is currently sitting on a bullish OB. The probability of BTC slowly chopping to retouch the 200 EMA is high. Also notice the imbalance on top of the current level. We can expect BTC to slowly chop to 27.2K before another dump.
Please notice that this structure is a bear flag and it’s meant to drop and when BTC moves inside a flag it is extremely choppy. Another reason we are long Alts is because BTC dominance is steadily dropping.
So BTC doesn’t look very good and is not at any support.
For Swing traders , We should start building a set of shorts around last week of August as we are anticipating a bigger dump in September.
Evergrande collapse,
Chinese economy deflation,
Spot ETF approval delay.
Chinese property crisis will cause a ripple effect in the global economy and that will trigger a big drop. But I still don’t expect BTC to drop below 18-20K range,.
Spot traders should buy in Sep.
Swing traders will short in Sep.
For day traders, We are expecting a little drop to 25.6K .
Note: Plan to long this week gets invalidated if BTC loses 25.6K . BTC will dump to 24.4K if 25.6K is lost.
