8.12 Bitcoin (BTC/USD) Evening Outlook
The one-hour bullish structure in BTC has completely reversed. The prior consolidation range has been broken down, a bearish push structure has formed, the highs are moving lower, the lows keep making fresh lows, and bullish support has completely failed.
The Bollinger Bands are opening downward. Price is under pressure below the mid-band, and the moving averages have turned downward across the board, suppressing any rebound. A small bounce is only a pullback continuation, with no strong momentum to reverse and strengthen.
The 30-minute indicators show only a slight rebound from oversold conditions. There is a lack of sustained upward momentum; the rebound room is limited, and the main downside trend remains unchanged.
Recommendation: Go short at 63,800–64,100, targets 63,400 and 62,500. #U.S. July CPI and PPI data will be released this week
The one-hour bullish structure in BTC has completely reversed. The prior consolidation range has been broken down, a bearish push structure has formed, the highs are moving lower, the lows keep making fresh lows, and bullish support has completely failed.
The Bollinger Bands are opening downward. Price is under pressure below the mid-band, and the moving averages have turned downward across the board, suppressing any rebound. A small bounce is only a pullback continuation, with no strong momentum to reverse and strengthen.
The 30-minute indicators show only a slight rebound from oversold conditions. There is a lack of sustained upward momentum; the rebound room is limited, and the main downside trend remains unchanged.
Recommendation: Go short at 63,800–64,100, targets 63,400 and 62,500. #U.S. July CPI and PPI data will be released this week
