BTCUSD: Not a very good August
The sharp reversal on early August was looking really promising for BTC. But unfortunately, the price action could only form an abc pattern. The impulse has failed but uptrend is barely intact. At this point things are looking to be an ending diagonal pattern of some kind. There is much to play out, but whenever there is a 3 wave pattern to start with, there is no guarantee that the rally won't fail. There is still a good chance that the minute degree wave 4 is not yet complete and we will see another low in the mid 40k before the wave 5 really starts. Right now, things are not clear, and I am not adding to any of my positions. This is not a place to go short either. So, just hanging on and watching the price action.
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