Bitcoin (BTC) prices are now nearing $ 118,000 after the price of 4.17%has risen last week due to the right price recovery. In the future, Killaxbt’s top market analyst will share some technical insights on the current Bitcoin market structure and discuss potential price development.
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Monthly Open Flip increases Bitcoin’s outlook, but be careful of liquidity hunting -analysts
In the X Post on August 9, Killaxbt also shares future predictions while providing weekly analysis reports on the movement of Bitcoin Price during the first week of August. Market experts pointed out that Bitcoin started a month based on a strong technology, helping to support the monthly opening at $ 115,752, and the mobile traders often interpret it as a strong signal.
However, Killaxbt tends to protect Bitcoin up and down up and down in a new moon and up and down, and sometimes the traders sometimes form one side of the month’s wick with a pattern called “monthly open trap”. Therefore, the current setting is closely monitoring the reversal of continuous up -trend or liquidity center before the market monitor continues.
In terms of liquidity, the encryption analyst also observed that a significant two -week BTC liquidation is being built for more than $ 120,000. This area also coincides with the previous week’s open ($ 119,414) and creates a high probability goal that must be maintained. Currently, BTC is testing a low time frame (LTF) down trend line. Killaxbt explains that the trend’s confirmed rest can open a way for decisive movements for less than $ 120,000, while merchants should pay attention to the potential fluid hunting to lower prices before resuming the rise.
There are now two major scenarios for traders. First, BTC maintained an optimistic structure and climbed towards $ 120,000, and potentially aimed at $ 123,18 June. This path is consistent with the current technical structure, which does not show immediate signs of weak continuous. Or Bitcoin does not cause higher rise, but instead can form a low height and slide again to less than $ 115,700. In this case, the next main support is from $ 110,000 to $ 112,000, and the monthly fair value gap (FVG) is $ 111,955.
Currently, KillaxBT believes that the scenario shows more scenarios when the market is maintaining optimistic propulsion, and there is no clear signal, so the analyst is expected to try the highest for the next few days. But traders should also expect that BTC can arrange a long position before a brief rally on a weekly, especially Monday or Tuesday.
The finishing expert speaks with the highest high and high lowest low patterns in the chart due to the rounding, while the optimism can be further verified, while if this level does not maintain, the emotions can move quickly.
Bitcoin price outline
At the time of writing, Bitcoin is traded at $ 117,792 with a 1.11%profit on the last day.
PEXELS’s main image, TradingView chart
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