Technical analysis by joshfisidi about Symbol BTC: Sell recommendation (8/14/2024)

Over the last several weeks BTC has been trading in a range-bound market with support and resistance levels clearly in play. The Ichimoku Cloud suggests a bearish bias, and the MACD histogram shows momentum decreasing, indicating volume is waning. This lack of buying pressure usually leads to significant retracements, especially if BTC fails to hold the critical 1.618 Fibonacci level. Another drop could set the stage for a necessary buildup in momentum to push through our 69k-74k ceiling, with major psychological resistance being around the 100k mark, where whales have massive sell orders placed.Key ObservationsRange MarketBTC appears to be trading within a specific range, as defined by the support and resistance levels. The Ichimoku Cloud suggests some level of equilibrium with a slightly bearish bias.VolumeThe MACD histogram at the bottom shows decreasing momentum. This could indicate a lack of buying pressure which might induce another drop.Fibonacci LevelsThe price is flirting with the 1.618 Fibonacci level. A failure to hold this level could trigger further downside, potentially targeting lower Fibonacci retracement levels (like the 0.786 and 1.618 extensions), as indicated in the chart.Potential DropGiven the waning volume and the bearish structure, there's a possibility that BTC could drop further, especially if the price breaks below the critical support levels.In the coming months, I'll be uploading to YouTube, live trades, music, code and much moreDisclaimer: This is a speculative idea. Trading can be dangerous. Please do your research (DYOR) before making any trading decisions.