Bitcoin bouncing off support at $47800 - currently at crossroads

25 thg 8, 2021

Bitcoin is currently bouncing off support after yesterday's 3% downtrend and is about 1% up for the day. Red days are healthy and not an invalidation of our overall bullish movement. As you can see, we are still within a valid bullish channel and on the lower end where we have moved up now 3 times in the past month.

The next resistance level if Bitcoin resumes moving up and does not fall out of the channel would be prior resistance at $50,500. The channel is invalidated around $46,000 and we would then be looking for bounces and holding the bull market support band around $43,000.

I am currently neutral and holding, looking for further validation of an upward trend. A September shakeout will come, resulting in a fall to around $43,000 before wave 2 leading into a parabolic rally.

25 thg 8, 2021

Ghi chú

Bitcoin now diving below support, next stops would be be around 46.5k for support and then the bull market support band at 43k. A re-test of the bull market support band would be extremely bullish and we could establish long positions from there.

This is just a temporary dip in an overall bull move. The correction might be here sooner than I expected but still not a big deal in the overall scheme of things - rather a nice cooling-off period for a red hot market. There is still an expectation of new ATHs within the end of October.