Bitcoin ended July with a decline. Looking at the monthly chart, the July candle appears to signify the end of a dilemma. The long upper and lower wicks indicate a significant struggle between rising and falling prices.
While such candles are usually not given much importance on short-term charts, they often indicate a trend reversal on long-term charts.
However, it’s unfortunate that the previous candles were in a sideways range, making it unclear whether the trend was up or down.
Until a clear direction emerges, there seems to be ample room for movement both upwards and downwards, suggesting that trading freely might be acceptable.
There is no strong force driving the price in either direction.
In the short term, many people are predicting a downward movement. Although the direction is somewhat consistent, predicting the price 24 hours ahead seems premature, so I must refrain from making a definite statement.
In such uncertain times, engaging in ultra-short-term trades to take advantage of small profits above the transaction fee might not be a bad strategy.
Given the 50:50 nature of the current situation, it might even be better to close your eyes and check the market later after making a trade. Personally, I hope the bullish trend continues and Bitcoin’s golden age returns, but everything remains uncertain. Therefore, I will not be trading today either.
I will trade only when I determine there is a more than 60% chance of success.
Let’s check out today’s AI report together.
