#BTCUPDATE - 3.8.21 NEEDED CORRECTION IN PLAY

٣ أغسطس ٢٠٢١

I would not see this is particularly bearish movement but more of a needed correction. There could be a bit of manipulation happening to drive market down whilst potentially new German institutions are wanting to come in and play.

We are in a confirmed downward channel and trying to find support - getting back above 35.5k is positive and a pretty key support. Breaking will take us to 37.6k and then onto 36.3k if that doesnt hold.

A bounce here can take us quite quickly up to 40k again.

My play is to wait it out and if losing 37.6k then to short to 36.3k. Breaking up on the 39.3k should lead to 40k.

There is a bullish divergence printed on the 1hr coupled with the Key Support could indicate a strong bullish #bounce here.