Welcome to this quick update, everyone. If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way. I also post altcoin setups on Spot, Margin, and Futures. Let's get to the chart.
BTC broke out of the important resistance around 42k level and is now hitting the support level to retest and continue to the upside. IMHO BTC if stays and maintains the 21D MA Support which is around $38,220 a rally towards upper resistance levels is highly likely.
RESISTANCE LEVELS:-
$45,388 $48,950
Support levels : $40,300 $39,400
Conclusion:- BTC is likely to continue its uptrend, invalidation will be a daily close below $38200.
What's your thought on this?
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So far we are holding the 21 MA, 38200 level. Expecting a bounce here. Bullish divergence in hourly.
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We got a close above 39k level in daily 85D MA holding strong. This seems to be multiple retests of the resistance turned support trendline. I expect this level to hold by the daily close.
Altcoins are doing well the last few days. Even today but the way BTC is reacting right now, It's a "no trade zone" for me.
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Welcome to this quick update, everyone. If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way. I also post altcoin setups on Spot, Margin, and Futures.
Let's get to the chart, BTC broke above the 42k resistance and reached the second resistance at 44.2k level where it got rejected so far. Looking at the current situation BTC is highly likely to hit the 49k level on or before the 16th of August 2021 (date may vary). The volume is gradually increasing which is good for bulls. Important note:- I do expect some retracements next week and probably a bloody Monday too. So better take profits on your leveraged positions. For more information and FULL UPDATE, CLICK ON TEH CHART BELOW to read the complete analysis.
Thank you
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BITCOIN QUICK UPDATE: Bitcoin is trading above 45k. DAILY CLOSE ABOVE THIS LEVEL IS ALL THAT WE NEED right now. Started with a bloody Monday and finally, BTC is pumping like crazy now. Need to be careful in the short term. The chart says 49k is imminent within this week.