Bitcoin — Cautious In The Short-Term

This week was again an example of how fast the sentiment can switch. While the world seemed to stop turning on Monday and everyone was looking for a job at McDonald's, we switched back to WAGMI and Where's my Lambo just a few days later.

Taking a more analytical approach to it, I think we've seen a huge bear trap and potentially the start of a bigger rally. However, at the same time, this doesn't mean that doesn't mean that Bitcoin's price will shoot up and go straight to the moon.

On the contrary, although I expect a test of the upper trend line (see chart below) in late August/early September, the chart also shows some warning signs.

A few days ago, I already posted that bearish pennant Bitcoins are forming on lower timeframes like the 4H or 1H chart. A breakout attempt was rejected, and the price returned to the pennant.

This is definitely something I am watching and could lead to a looming short-term drop before we go higher.

Let me know your thoughts on it!

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