#Bitcoin ($BTC) closed the week at $ 43,794 with a loss of 1.75 percent yesterday. On a weekly basis, it continued its 3-week rise with a value gain of close to 10 percent.
After starting the week with a decline, Bitcoin (BTC) started to find buyers at $ 37,500 on Wednesday, August 4 and consolidated its position in the $ 40,000 band. The ongoing trend with sellers yesterday is also reflected in today and recovery efforts continue at $ 43,500 in the morning after a sag to the $ 42,000 band.
By the middle of last week, we have seen the July 21-30 bullish correction. According to this metric, Fib was a limited correction coinciding with 0.382. Then, the continued rise took a shorter time compared to the price action yesterday and today. On the last level, $42,600 again coincides with Fib 0.382 in short-term moves, which is a critical support point for today. If BTC/USDT manages to stay above $42,600 – $800 today, it can attack the last peak above 45,300.
Other support points below the $42,600 support; It can be followed as $41,800 – $40.920 – $39,730.
Hourly candle closings above the last peak at $45,300 may move #BTC to the $46,000 band. In particular, $46,800 stands as an important resistance line. When the last bottom price formed at $29,700 with ATH value is taken as a measure, Fib 0.5 value corresponds to $ 46,800.
As seen on the daily chart, $42,782 is now an important medium-term support with Fib 0.382. It is remarkable that this level has been the resistance of the past weeks and is currently working as a support. Because yesterday and today's movements can be interpreted as a retest of the Fib 0.382 value to $42,782.
When we look at the upward targets, according to the Fibonacci values; $46,800 – $50,808 and $56,500 could be critical levels to watch this month.
What do technical indicators say for #BTC?
Significant EMA values (8-21-89 EMA) are ideally positioned for the uptrend. The stochastic RSI, which has seen a slowdown in its northward movement, has not lost its bullish position yet. The CMF indicator, on the other hand, shows that fund inflows are higher with its current situation.
In summary, the price action around $42,750-800 is the critical area that can determine the direction of BTC this week. Breaking below this price with a daily close or hard selling could increase the value losses of Bitcoin and altcoins. As long as we stay above $42,800, we can see the upside attacks continue.
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Disclaimer: The information in the content is not an investment advice. Author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.