A new month has just begun, bringing fresh opportunities as summer is typically a bullish season for crypto. July was a perfect example of this trend; let’s see what August has in store for us.
7 Days Heatmap
The 7-day crypto heatmap is showing overall bearish sentiment, with BTC down by over 2% and almost all altcoins ending the week on a bearish note.
BTC Analysis
As per our latest BTC analysis, it has been in a correction phase, trading within the falling channel marked in red.
However, the overall bias remains bullish as long as BTC continues to trade within the long-term channel marked in orange.
As BTC approaches the lower bound of the orange channel, and as long as the $111,500 structure holds, we will be looking for trend-following long setups on lower timeframes.
ETH Analysis
As per our latest ETH update, it rejected the upper bound of its range around $4,000 and has been bearish since then.
As ETH approaches the lower bound of the range at $3,500, we will be looking for new short-term long setups.
If the $3,500 level is broken downward, we will expect a deeper bearish correction for ETH toward the $3,000 support level, which could bring more pain to the crypto market.
Quote of the week
Do more of what works and less of what doesn’t.
~ Steve Clark
Closing Remarks
In summary, despite entering a typically bullish summer month, the crypto market has shown bearish signs over the past week, with BTC down over 2% and most altcoins following suit.
BTC remains in a correction phase within a falling channel, but the long-term outlook stays bullish as long as it holds above $111,500.
Meanwhile, ETH has turned bearish after rejecting the $4,000 resistance and is now approaching key support at $3,500. A break below this level could trigger a deeper drop toward $3,000, adding further pressure to the broader market.
