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Crypto Market Volatility and Technical Outlook Suggest Potential for New ATH
The summer proved to be milder than initially expected. May experienced growth followed by a correction in June, July's gains might be corrected in August as well. Currently, the outlook suggests a slight decline before shifting focus towards long positions. All altcoin shorts have been closed, with a remaining short position on Bitcoin targeting 113-111. After another shakeout, a new all-time high could be seen. Regarding spot trading, there are no immediate prospects for gains; patience is recommended for better entry points. Keep in mind the upcoming macroeconomic shock expected in August-September, driven by poor US data. Consistent sharing of charts with insights might be valuable if interest is shown. Trading occurs on OKX.
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AI Analysis
The opinion provides a snapshot of the current sentiment in the cryptocurrency market, emphasizing a cautious but optimistic outlook. The trader observes a pattern where July gains could be followed b...
AI Recommendation
Given the current analysis and market outlook, it would be prudent for traders to remain cautious and adopt a wait-and-see stance. Holding onto short positions on altcoins while preparing for a potent...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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