I like this and I like what#BTCis doing but we still need to be cautious and manage any excessive leverage, don't forget there is huge liquidity on the SELL side and the MARKET can go there just to grab that liquidity.

Analysis $BTC 08/08/2024
#BTCyesterday we had a good jump to the blue line, but we had a close still very close to it and today we are already falling again, which we expected to happen anyway. For now we are still within the green range, but if we start working outside of it today, then I will look at the black line on the chart to have better clarity if we will still touch $49K for some support.

Unlike other times when we were so low, I don't think it is such a big problem for the price to work close to this support, but obviously I wouldn't like to see that.

If we are rejected today here, and we work below the green range, then we could form an oscillation channel between $57K/ and $49K, which would give us an 18% channel to work with, it is enough to cut both sides of the game, both the SHORTS and the LONGS before rising again to the ATH. So until we start to get some crazy sequence of bad news, this is what I believe we will have, and I believe this support will hold.

Big Whales have continued to accumulate at prices slightly below the current one, so I believe this is a good place for the BULLS to defend.

Some big BUYERS are already taking risks by raising their BUY orders to $52K, but I still think $49K/50K is the best price to defend.

The spot buyers here are doing well!

The BIG SELLS are also quite predictable, staying at $60K, but it is really amazing how many SELLS are accumulating at $70K, it is safe to say that as soon as we have a big jump, the liquidation of SHORTs will be even greater than those LONGS liquidated on the drop (if we continue to accumulate orders there).

DO NOT SELL YOUR COINS NOW!