BTC scenarios 4 h chart 16th of August 2021

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hi guys,

It seems BTC had a very nice & strong bounce that is currently almost over "in my opinion". The levels to watch are :

Bull : 4 h close over 48.600$ with a target in the 51.500$ area - would place the bounce over the 0.5 Fibonacci retracement levels and would suggest a new ATH in the coming months.
Bear : 4 h close under 46.000$ with a first target in the 41.500$ area followed by a drop to the 39.700$ area where we find the 0.702 Fibonacci retracement level. This iS not a level commonly used by chart artists, it's a "bounce" level that we discovered is providing some resistance/support.

We are currently looking for a short position, waiting to see if we get rejected over 48.600$.

Trade carefully friends, this is not financial advice.