【2023.8.16BTC Market Analysis】

独领风骚必暴富 · 2023-08-16T01:46:33.000Z

【BTC market analysis at 9:29 am on August 16, 2023】 Yesterday, except for BTC, which was relatively strong, other altcoins were vying to find the bottom and push for the long position. This is why the low-level contraction and consolidation must continue to wait. There is no bottom-level increase in volume, and the price falls and the volume shrinks, which does not meet the characteristics of the volume-price bottom divergence. So it’s not the best time to enter the market! On the contrary, at this moment when the price drops and the volume increases, it is a good time to consider the first position, which is in line with the characteristics of the divergence between volume and price; However, at this moment, BTC has no room to retreat. In addition, the copycats are currently on the left side at most, which is not safe enough. What we need to observe next is whether the bottom will continue to increase the volume to explore the bottom or the bottom will shrink to build a bottom. So wait and see. The right side is a safer guideline; so giving the market some time is also a sure guarantee for yourself!

【2023.8.16 9:29 AM BTC Market Analysis】
Except for BTC, which was relatively strong yesterday, other altcoins rushed to test the bottom and forced to buy. This is the time to continue to wait for the low-level shrinking volume consolidation. There is no bottom volume, the price drops and the volume shrinks, which does not meet the characteristics of the volume-price bottom divergence, so it is not the best time to enter the market! On the contrary, the price drop and volume increase at this moment is a good time to consider the first position, which meets the characteristics of the volume-price bottom divergence;
However, BTC has not retreated yet at this moment, and the various altcoins are currently on the left side at most, which is not safe enough. What we need to observe next is whether the bottom will continue to increase in volume to bottom out or the bottom will shrink in volume to build a bottom in choosing a direction, so waiting for the right side is a safer principle; so giving the market some time is also a safe guarantee for yourself!
Today's BTC focus is 28600-28800/28900-29000
Pressure 29300-29500/29600-29800
This is the first decent wave of large-volume bottoming in the recent sideways trading. The market sentiment has been accumulated for so long. Today, the bears are making an effort and the overall market sentiment is bearish!
As I suggested a few days ago, the market will bottom out and fluctuate downwards, which is basically in line with the prediction! #BTC $MAV $ARKM $COMBO 