All eyes are on Bitcoin right now as it comes into the August monthly close. BTC/USD must close the week above 114K or a deeper correction is likely. Bulls are trying to defend the line here at 108K. But if Bitcoin’s price closes the week in the red, it would mark the third consecutive week of losses and that’s historically triggered further downside price action. A close below 114K, could trigger a sell-off down to the next support level at around 98K. It doesn’t have to go all the way down, but we could at least be headed for a 200-day EMA retest at 104K.(Lark Davis)