BTC AND MARKET UPDATE 16TH AUGUST 2021
BTC AND MARKET UPDATE 16TH AUGUST 2021
A rising bearish wedge has formed in BTC chart. We have observed that in lower time frame BTC has respected the 200MA three times at $39,850, $43,795 and $45,514 reflects a strong bull support at these points.
TECHNICAL ANALYSIS
In short term, BTC is bullish, paving its way towards $49,000 mark with a pulsating volume, however a major reversal is possible at $49,800 where the retracements can be resulting in BTC touching the $45,200 zone again. To breach it the consolidation till midweek is required or a healthy volume just like we have seen in $48,000 level.
Also in daily timeframe 200MA lies below a healthy movement of BTC, as it pulled it twice before and so far we are observing the 3rd successful breach.
In mid term, BTC has formed a bearish wedge after the activation pump in late July. RSI also reflects a low level overbought region and it's highly possible that we may see a strong reversal after breaking the $50,000 mark +-$3000 due to extreme market euphoria.
FUNDAMENTAL ANALYSIS
Stock market is expected to go down by 8.5% with a connection of events happening around the globe specially in current Afghanistan situation, the same happened in 2002. The US Bill is also due and it's repercussion aren't looking in favor of Cryptocurrency market either.
ALT COINS
We have seen XRP and DOGE in extreme bullish momentum, resulting in an over due 50% correction in its price. Ethereum is also consolidation with 24 hourly movement of less than $200.
Alt season is still on its run and their correction is aligned with BTC retracement, soon.
-Shoayb
A rising bearish wedge has formed in BTC chart. We have observed that in lower time frame BTC has respected the 200MA three times at $39,850, $43,795 and $45,514 reflects a strong bull support at these points.
TECHNICAL ANALYSIS
In short term, BTC is bullish, paving its way towards $49,000 mark with a pulsating volume, however a major reversal is possible at $49,800 where the retracements can be resulting in BTC touching the $45,200 zone again. To breach it the consolidation till midweek is required or a healthy volume just like we have seen in $48,000 level.
Also in daily timeframe 200MA lies below a healthy movement of BTC, as it pulled it twice before and so far we are observing the 3rd successful breach.
In mid term, BTC has formed a bearish wedge after the activation pump in late July. RSI also reflects a low level overbought region and it's highly possible that we may see a strong reversal after breaking the $50,000 mark +-$3000 due to extreme market euphoria.
FUNDAMENTAL ANALYSIS
Stock market is expected to go down by 8.5% with a connection of events happening around the globe specially in current Afghanistan situation, the same happened in 2002. The US Bill is also due and it's repercussion aren't looking in favor of Cryptocurrency market either.
ALT COINS
We have seen XRP and DOGE in extreme bullish momentum, resulting in an over due 50% correction in its price. Ethereum is also consolidation with 24 hourly movement of less than $200.
Alt season is still on its run and their correction is aligned with BTC retracement, soon.
-Shoayb
Crypto Affairs
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