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Bitcoin (BTC) August 2023 (Public Version)

Updated: Jul 25, 2023



  • Month’s Theme: A significantly bullish month where we’ll push the upper end of a range higher, however that’s crossed with multiple failed attempts to break through key resistance.


  • Behavior Around the High: An important resistance level around the high where volume will flatten out.


  • Behavior Around the Low: We’ll sell off from a crest into the lowest low.



Overview


On the 1st, there’s a rally along a diagonal trend line that ends with a fast, sudden move higher and then a breakdown with increasing volatility on the way down. That decline takes us into a trough or there’s another rally into the 2nd that takes us into a trough. On the 3rd, we’ll have some failed attempts to break through key resistance. On the 4th, there’s a notable move to the upside. We may see a highest high for the month thus far on the 5th. We’ll have sideways rotation on the 6th. That ends with a fast, sudden move higher. On the 7th, we’ll have a gap down in the midst of sideways rotation.


On the 8th, we’ll have a decline off of what may be the high for the month. We’ll push the upper end of a range higher at the end of the day on the 8th or on the 9th. There’s a trough at the end of the day on the 9th. On the 10th, we’ll push the upper end of a range higher and move into a peak or crest. We’ll decline toward the end of the day on the 10th and into the 11th. We may see the month’s low on the 10th or the 11th. On the 12th, we’ll decline to and through support and then have some sideways rotation along a second support level. There’s a notable reversal on the 13th that will stand out. On the 14th, there’s a support level highlighted that can be relied upon.


There’s a lot of price change and a prominent trough on the 15th. On the 16th, we’ll push the upper end of a range higher and continue to do so moving into the 17th. We’ll likely see a prominent crest or peak on the 17th. Off of that, there’s a pretty notable decline that increases with momentum moving forward in time. On the 18th, we’ll have a sideways S-formation within a channel. On the 19th, we’ll have some failed attempts to break through key resistance and a decline through multiple support levels. We’ll decline into a trough early in the day on the 20th. There’s a period of volatility with a sharp drop that will stand out within that period of volatility. There may be a peak at the end of the day. On the 21st, we’ll bump along resistance and have a trough at the end of the day.


On the 22nd, we’ll have price swings and a trough at the end of the day possibly followed by a big move to the upside. On the 23rd, we’ll have a prominent move higher followed by a full retracement of that move back down. We’ll go from a crest to a decline and then move back up on the 25th. On the 26th, we’ll attempt to establish support. On the 27th, we’ll decline to a support level that we recently met before and then have a peak or crest toward the end of the day. On the 28th, we’ll move lower in the morning but then have three crisscrosses back confirming a bullish trend where we’ll move into a peak or rest at the end of the day. There may be a sharp drop and a lot of price change to the downside on 28th/29th. On the 29th, we’ll have another prominent move higher where we successfully turn resistance on a multi-day scale into new support. On the 30th, we have another possibility of a highest high. On the 31st, we’ll have a rally along a diagonal trend line through horizontal resistance to meet a secondary resistance before pulling back to somewhere between those two price levels.



Sneak Preview


In September, we’ll have a decline that ends with a fast, sudden move higher.







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