Cryptocurrencies, Technical Analysis

Bitcoin Technical Analysis Report 6 August, 2021

• Bitcoin broke resistance area
• Likely to rise to resistance level 41500,00

Bitcoin cryptocurrency recently broke the resistance area lying between the key resistance level 41500,00 (which has been reversing the price from the middle of May) and the 38,2% Fibonacci correction of the downward impulse from the start of May. The breakout of this resistance area should accelerate the active impulse waves 3 and (3).

Given the improvement risk sentiment as seen across the cryptocurrency markets today , Bitcoin can be expected to rise further toward the next resistance level 41500,00 (target price for the completion of the active impulse wave (3) standing near the 50% Fibonacci correction of the downward impulse from the start of May.

TAGS: BTCUSDCryptocurrency Technical analysis

Dmitry Chernovolov
August 7, 2021

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