There has been sideways price action for Bitcoin since August 8. I think the market doesn’t have a clear direction, but in the short term Bitcoin is trending up. Bitcoin needs to break above $63k to trend up higher here, but I just don’t see the bullish signs for the breakout. The August monthly candle is currently red, and we still have about 2 weeks left in August. At this point I prefer for August to close red, and I think there is a risk of some more downside in September. In previous updates I discussed how there have historically been 4 red months during the year of the Bitcoin halving. If August closes red that means we will have experienced 3 red months so far, so we would still have one bearish month left in 2024. I’m thinking that month could either be September or December.
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