The Bitcoin (BTC) price decreased in August, failing to return above the $30,000 resistance area. The decrease culminated with a low of $25,166 on August 17.
These four crypto traders employed different means to predict that the movement would be bearish in August, achieving considerable Bitcoin profits as a result.
Elliott Wave Count Predicts Top and Ensuing Decrease
Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend. The trading method accurately predicted that the price had already reached the top and would continue decreasing in August.
At the beginning of August, Elliott Wave specialist @XForceGlobal tweeted that the BTC price had reached a local top and is correcting. He gave an initial target of $26,000 but stated that the decrease could continue until $23,000.
The BTC price was trading near $29,000 at the time of the tweet. Afterward, a sharp decrease ensued, leading to a low of $25,166 on August 17. From the time of the tweet (white) to the low, the BTC price fell by 13%.
However, the price has increased sharply since, without falling to the $23,000 level. It is still possible that the BTC price will fall to $23,000. However, there are two different ways that Bitcoin could get there.
Range Movement Correctly Predicts Drop
The other three crypto traders to give correct predictions for the Bitcoin movement in August all used variations of range movement. @George1Trader used a short-term range, while @Mesawine1 and Crypto_Chase both focused on the movement close to the local top.
There have been two main ranges in August. The first one was between $29,000 and $30,000 (black). The BTC price broke down from it on August 16, falling to those above $25,166 low the next day.
Then, the price traded in a shorter-term range between $25,800 and $26,800 (white). The breakout on August 29 catalyzed the current increase. Now, it is possible that the range high at $26,800 will act as support.
An increase to the previous range support would amount to an upward movement of 6%, while a drop to the current range low will decrease 5%. The decision on the upcoming Bitcoin ETF could have serious implications for the direction of the trend.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Source: https://beincrypto.com/crypto-traders-nailed-bitcoin-profits-august/