Bitcoin Technical Analysis Report 20 August, 2021

• Bitcoin broke resistance level 48000.00
• Likely to rise to resistance level 50000.00

Bitcoin cryptocurrency recently reversed up with the daily Morning Star candlesticks reversal pattern from support zone located between the key support level 44000.00 (which has been reversing the price from the middle of August), 20-day moving average and the 38.2% Fibonacci retracement of the sharp upward impulse (i) from the start of this month. The upward reversal from this support zone started the active short-term impulse wave (iii).

Having just broken above the earlier resistance level 48000.0 (top of the previous impulse wave (i)), Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level 50000.00 (target price for the completion of the active impulse wave (iii)).

Was this post helpful?