BTCUSD 8/9/2021

by David

Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT _________

This is a continuation update on previous TA dated 8/1/2021 in the related ideas.

I already made my purchase in July. Right now, I'm cautious as the price is approaching the important resistance areas as I mentioned in this TA.

Always be cautious than to be sorry for the losses.

Always consider the Bullish and Bearish Scenarios. Have an equal treatment on both sides. _________

Technical Analysis

Elliot Wave is still the same.

snapshot

Monthly

snapshot

Weekly Timeframe Finally! The Weekly chart indicators turns to be almost confirmed bullish . I think, the Bitcoin’s volatility will greatly increase in this week. If Bitcoin manage to break the resistance level that I mentioned in the chart, there is high probability of more price appreciation to come. But somehow, I’m closely watching the 61.80% Fibonacci at $ 48k and even the 78.60% Fibonacci for a potential price rejection. I think the confirmed Bullish Crossover on MACD will be next week also with confirmed Stock RSI above 50 Level. Some says that maybe this is a B Wave rally of an ABC Correction. Well, let’s see if Bitcoin failed or successfully to break above the resistance this week. But most likely, it will successful to break it. But in case it failed, Bears must convince it a great selling pressure volume and breaking important support and moving averages. For the moment, it looks bullish .

snapshot

snapshot

Daily Currently, price is rejected by MA 200 plus a potential bearish divergence. Supports may be tested again.

snapshot

4HR

snapshot

1HR

snapshot

_________

Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT