BTC Analytics Aug 2
Hey everybody!
Market capitalization is 1.18 trillion, dominance index is 50.21%.
Fear and Greed Index is 53 (Neutral Sentiment).
Let's take a look at the global situation first.
.
On the monthly chart (1M), the price of Bitcoin closed at 29300. Notably, BTC traded more expensive in July than in June, but still failed to consolidate the elevated prices and rolled back down. This indicates the persistence of the downward global pattern. Perhaps the price rise to 31700 was the result of collecting stop orders before the anticipated further decline, because we have seen reduced trading volumes since March 2023. The global correction may lead the price to the Fibonacci levels: 23000 - 24000, 21000 - 22000, 18000 - 20000. Despite the upward local structure, chances for a deep correction remain until overcoming the 32500 resistance zone..
Now let's look at the situation locally.
At the moment we see a sharp rise in prices due to the news from MicroStrategy, which reports about a possible additional purchase of BTC. The key level is the price of 29500. In case of consolidation above, we can expect a quick return to the 30500 mark. This scenario is supported by divergences on the 1-6 hour timeframe. We have noted possible scenarios of price movement on the chart.
Good luck and patience.
Always in touch,
Relictum Analytics
Market capitalization is 1.18 trillion, dominance index is 50.21%.
Fear and Greed Index is 53 (Neutral Sentiment).
Let's take a look at the global situation first.
On the monthly chart (1M), the price of Bitcoin closed at 29300. Notably, BTC traded more expensive in July than in June, but still failed to consolidate the elevated prices and rolled back down. This indicates the persistence of the downward global pattern. Perhaps the price rise to 31700 was the result of collecting stop orders before the anticipated further decline, because we have seen reduced trading volumes since March 2023. The global correction may lead the price to the Fibonacci levels: 23000 - 24000, 21000 - 22000, 18000 - 20000. Despite the upward local structure, chances for a deep correction remain until overcoming the 32500 resistance zone..
Now let's look at the situation locally.
At the moment we see a sharp rise in prices due to the news from MicroStrategy, which reports about a possible additional purchase of BTC. The key level is the price of 29500. In case of consolidation above, we can expect a quick return to the 30500 mark. This scenario is supported by divergences on the 1-6 hour timeframe. We have noted possible scenarios of price movement on the chart.
Good luck and patience.
Always in touch,
Relictum Analytics
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.