Technical analysis by ranxero46 about Symbol BTC: Sell recommendation (8/16/2024)

The expected W-pattern has become invalid for the time being. We see the bullish pullbacks of the recent days are losing strength and today's candle has opened below the close of the prior candle. The W-pattern lacked a RSI divergence which made it less likely to eventually occur.The Fib shows possible re-test levels further down.As the RSI is still above the 14 days SMA, the re-tests will probably come with strong RSI divergences which will deliver possible long entries. If price should break below 50k, next support will be around 42k.