Bitcoin is showing weakness!

Hi all!

Now the market is in extreme uncertainty, in my opinion, I cannot decide on the most likely scenario, because on the one hand Bitcoin is near support and is showing long signals, on the other hand it is showing extreme weakness and I assume that the current range is a redistribution.

On the BTCUSDT 1D timeframe chart, we see that the price remains within the central reversal range for the month of August and above the central reversal. This is a bullish sign that gives us a signal that August could finally be a bullish month for the cryptocurrency markets. Potential target – $26k = R1 for August. Additionally, the price is near trendline 2, which should be strong support.

But on the other hand, let’s look at the candles at each local peak. These candles mean a lack of demand and show us the weakness of the market. Moreover, the price is now at support, but we do not see a bullish reaction. This means that buyers are not interested in current prices. During this range, volume increases, which is a major sign of redistribution rather than accumulation. I currently have a 12% deposit in crypto in case it rises to $28k, but my main scenario is still a fall below $17k.

Good luck!