Technical analysis update: BTCUSD (31st August 2021)

Bitcoin continues to trade within the zone of opening gap from 17th May 2021. In addition to that bitcoin continues to fluctuate above and below its immediate support/resistance. However, it failed to surpass its recent high at 50 585 USD. We view this as bearish and we expect bitcoin to break out to the downside from the opening gap zone (from 17th May 2021). Stochastic, MACD and RSI are all bearish on daily timeframe. This also support our bearish thesis. Due to that we remain bearish on BTC1!.

Previous thoughts from 25th August 2021:
www.tradingview.com/...SD-25th-August-2021/

Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.