Technical analysis by Phillipklh about Symbol BTC: Sell recommendation (8/18/2025)

Bitcoin is currently unfolding in Primary Wave C, which is expected to complete Cycle Wave C and thereby finalize Supercycle Wave A. However, the chart leaves relatively few clear traces for this analysis. The order book appears thin, with only small clusters of orders around the $110k and $125k levels. The liquidation heatmap, on the other hand, shows significant liquidity above the high of Primary Wave B. This is likely due to many traders interpreting the structure as a potential head-and-shoulders pattern and consequently opening leveraged short positions. This leveraged positioning is also visible in derivatives data. Funding rates have just turned back from negative territory into positive, while open interest has been in decline. The question now is whether price will revisit the $120k region or if this move is simply a minor corrective bounce within the broader downtrend. ETF flows currently point to bearish sentiment, with outflows of $14.1 million recorded on August 15. Overall, it remains to be seen whether the excess liquidity will be cleared, which would support the primary scenario. At the same time, indicators such as the RSI are already at deeply oversold levels, making a corrective bounce more a question of when and how far, rather than if. My favored outcome would be for Bitcoin to close the recently formed fair value gap (FVG) without breaking significantly higher. Should price revisit this zone, I will look for cautious short entries with limited risk, targeting the daily FVG marked below.