BTC - Trendline Break, Bears Dominate

٣١ أغسطس ٢٠٢٣

Hi Traders, Investors and Speculators of Charts📈📉

Sellers are showing up on lower timeframes and bears have taken control of the price action for the short term.

What seems likely here, judging by the technical indicator, is a rejection of the red RSI at 50 meaning a slow continued downtrend until the RSI rises above 60 in the daily.
From the Green EMA dropping sharply, we deduct that the sellers have taken control in the lower timeframes.

For now, the best course of action seems to be observing from the sideline and look for other trading opportunities with better risk/reward setups across the altcoin market.

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