Technical analysis by Cryptowormshot about Symbol BTC: Sell recommendation (8/7/2024)

After a recent 20% decline to $49,000, Bitcoin is currently trading above $57,000, but it might decrease to $51,000. The key support level is $53,500. Bitcoin is again caught in a bearish technical pattern; a closing bullish channel!There are also rumors of a potential attack by Iran on Israel either tonight or tomorrow, which could drive Bitcoin down to $43,000 and cause another market downturn. However, this might potentially result in a positive divergence in the RSI.Although there is still optimism about the CME gap in the market, the risks outweigh the optimism significantly.In the current situation, if you don’t have a high risk tolerance, you might consider reducing some of your investment at this level. If you still have liquidity, you can dollar-cost average (DCA) into altcoins during potential dips.