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

Even tho BTC is up 10% today I would'nt get my hopes all the way up just yet.Something interesting is happening here.. History shows: every time 20 & 50MA line crossed the 200MA line to the downside in the past, BTC went into a full on bear market. 20 & 50 MA is still just above 200MA, but a cross to the downside could give confirmation we need for a bearish trend. A good short opportunity in my opinion is therefore a trade with entry at the 200 day mooving average. Stop loss can be placed above 20 & 50 MA or above the decending channel top if you want to give the market more room..It's a trade worth taking even tho we could break the ressistance and go into price discovery aswell. A short term target would be a test of the support we had at 56 500 and a intra- day target would be at the low end of the channel at about 50-52k.Make sure to follow me on X for more weekly updates: @PuppyNakamotoOur wolf pack are hunting for profits, one block at a time..🐺 BTCUSD BTCUSD BTCUSD BTCUSD BTCUSD