Technical analysis by Trader_Lucullus about Symbol BTC: Sell recommendation (8/3/2024)

Hello dear traders. Do you think BTCUSD is bullish or bearish? Looking at the 4-hour chart, it is clear that the bears are dominating the decline in the last few days, after the pair failed to maintain momentum above the $63,000 support. In addition, the recent move of the 34 EMA reversal around the $64,500 area, further confirming the continuation of the downtrend. Currently, I am favoring a sell strategy and targeting $57,800. But! First of all, we are watching whether BTCUSD is likely to retest the previous breakout zone. In case the price retests the breakout zone, I will open a potential short position at higher levels. At this point, the realization phase is gradually taking shape. Note, this is just a trading idea. You will be responsible for what you do.