BTC Update - Aug 9 2024
just as expected, #BTC moved to fill the gap area but the upward move was a bit sharp so shorting BTC or other coins can be a bit risky now. if fact as long as the Blue trendline isn't broken, the upward move can continue.
As mentioned earlier the gap area is now a resistance zone. Also there's a supply zone just above the gap area and is overlapping with the Gap. Thus, BTC is facing a heavy resistance at the moment. Some volume divergence can be seen but there's no price divergence yet.
We'll have to continue observing the chart to see if BTC faces a strong rejection or not.
As mentioned earlier the gap area is now a resistance zone. Also there's a supply zone just above the gap area and is overlapping with the Gap. Thus, BTC is facing a heavy resistance at the moment. Some volume divergence can be seen but there's no price divergence yet.
We'll have to continue observing the chart to see if BTC faces a strong rejection or not.
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