For the first time during the August pump, BTC has shifted into a sustained downtrend on the 2-hour timeframe. While we were writing this post, the base target at $77,305 has already been hit, and the price is now approaching the next one—$76,540. The potential break level is $79,983. At the same time, there is already a second mark for potential lower levels on this timeframe. So for now, the question of when the correction will start is still open.
But the trend is clear and obvious. Plus, our P73 CryptoMarket Monitor in this hour shows that among the TOP-200 crypto assets:
- 16 more assets have moved into a sustained downtrend on the 1-hour timeframe,
- besides BTC, 12 more assets have moved into a sustained downtrend on the 2-hour timeframe.
Also, 5 assets from the TOP-200 have shifted into a sustained downtrend on the 4-hour timeframe.
The situation is getting even more interesting. Let us remind you that the $75,761 level, according to our assessment, is the "watershed" between the bearish and bullish markets.
What will be most interesting is what happens if the price breaks the uptrends on the 3- and 4-hour timeframe. Then we’ll consider adding to the short position to improve the entry point.
But the trend is clear and obvious. Plus, our P73 CryptoMarket Monitor in this hour shows that among the TOP-200 crypto assets:
- 16 more assets have moved into a sustained downtrend on the 1-hour timeframe,
- besides BTC, 12 more assets have moved into a sustained downtrend on the 2-hour timeframe.
Also, 5 assets from the TOP-200 have shifted into a sustained downtrend on the 4-hour timeframe.
The situation is getting even more interesting. Let us remind you that the $75,761 level, according to our assessment, is the "watershed" between the bearish and bullish markets.
What will be most interesting is what happens if the price breaks the uptrends on the 3- and 4-hour timeframe. Then we’ll consider adding to the short position to improve the entry point.
