Technical analysis update: BTCUSD (25th August 2021)

Many people asked us to analyze cryptocurrencies. Therefore we prepared our first bitcoin analysis for you. Recently bitcoin took off its recent lows around 29 000 USD. In the process it closed a gap between 46 620 USD and 48 370 USD. After that bitcoin peakead at 50 858 USD and then reversed lower. We think price level along the gap has an important role. We think if this gap is retraced by price back to the downside then more selling is probable for BTC. In terms of technicals RSI continues to move sideways just below 70 points. It did not cross 70 points to the upside. This is common for corrections in the strong downtrend. MACD is flattening out and it seems as if it wanted to reverse down. In addition to that price is currently far away from its 20-day Simple Moving Average. We think there is high likelihood that price of bitcoin peaked recently (or it will in the short future - around 54 000 USD) and more selling is on a way. If price breaks below its short term support then we expect bitcoin to retest its recent lows around 29 000 USD.

MACD on daily timeframe:

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.