Bitcoin Technical Analysis | 9th, August, 2021

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Bitcoin, the cryptocurrency that plays a leading role in the cryptocurrency market, is forming an uptrend after a 50% correction in recent months.
The point that should be considered about this analysis is that the published tips and analysis are based solely on bitcoin price behavior and technical analysis factors. Therefore, in case of news or technical problems for the Bitcoin network, this analysis may not be done properly.

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Bitcoin Technical Analysis | August, 2021

As we have shown in the price chart for you, if we assume an uptrend for the cryptocurrency market and the price of Bitcoin in general, the $30,000 price level of bitcoin is an important technical support for bitcoin in July and August of 2021.

Try to break $30,000 price level

Bearish traders and sellers tried to break this important technical support ($30,000), but after the reduction of negative news and the news of Tesla’s re-acceptance chance of bitcoin as a payment method on July 21, the price of bitcoin rose by about 8% to $32,000. It gave many bullish traders hope for a price increase after that heavy correction.

Bitcoin comeback from $30,000

Bitcoin recorded a consecutive price increase for a week and its price increased to $42,000 then deflated to $ 38,000, it left a short-term price correction.

On August 4 and 5 of 2021, according to the daily candlesticks and the volume of bitcoin transactions in the Binance exchange, the buying pressure of traders is quite clear, and on August 6 and 7 of 2021, the price of bitcoin broke the important resistance of $42,000 and on August 8th, Bitcoin cryptocurrency was traded at a price of 45,000 dollars which was great news for bullish traders.

What will happen after breaking the $42,000 resistance?

  1. For Bitcoin, with the uptrend assumption, the price level of $48,000 as a not-so-strong resistance is acting as an obstacle to the uptrend of the price of Bitcoin. In technical analysis, after the price reaches a resistance level, the expectation of price correction is not far from the mind.
  2. After passing the level of $48,000, Bitcoin will face a gap of $10,000 to an extremely important resistance of $58,000. A price that is not far from the highest historical price or ATH of Bitcoin!
    Therefore, for the level of $58,0000, a behavior similar to $48,000 is expected, and the possibility of technical price correction from this level is much stronger than the level of $48,000.
  3. If the pressure of bitcoin buyers continues and the volume of bearish trades decreases, the bitcoin price will increase and the resistances will be more likely to break than they will become a price turning point.
    Of course, as you will have read at the beginning of this Bitcoin Technical Analysis, this analysis is based only on price behavior and technical analysis factors, and important fundamental factors such as news and the activity of the Bitcoin network, as well as on-chain data analysis, are as important as technical analysis and will have a direct impact on the price trend of bitcoin.
Bitcoin Technical Analysis August 2021

Important Warning!

Finally, note that none of the analyses which are published in Adaas Capital is an economic and investment advice, and it is you who decides your trades!

The end words

At Adaas Capital, we hope that by reading this analysis you will be fully immersed in Bitcoin Technical Analysis in August, 2021 . You can help us improve by sharing this analysis which is published in Adaas Investment Magazine and help optimize this analysis by submitting your comments.

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