Bitcoin (BTC) rose rapidly yesterday and maintained its consolidated position in this area after settling in the $45,000 band. In our August 10 Bitcoin analysis, we evaluated the latest situation of BTC/USDT.
Bitcoin (BTC) has been maintaining its rising trend since August 4. The uptrend could continue as long as it remains above $44,600 in the current trend. We can confirm that this price level is a solid support with the trendline (green) and the 21 EMA on the 3-hour chart.
We leverage the long-term Fibonacci retracement levels to set a target in the upside. Accordingly, $46,800, which worked as a resistance yesterday, coincides with the Fib 0.50 value and has proven to be an important one. Bitcoin buyers could not get Bitcoin above this price after the 5% 3-hour candle seen yesterday.
The sideways view at the $45,000 band can be considered a breakout for BTC as long as it stays above $44,600.
On the other hand, the stochastic RSI has turned south from the last 12-hour sideways view. If the support levels can be maintained, the Stochastic RSI may turn up again with new buys and thus we can see the uptrend continue.
However, as an early warning, the CMF indicator moving to the negative zone in the 3-hour view can be interpreted as the support level may be forced. Because the CMF, as it stands, implies that capital outflow is higher.
Today, a 3-hour candle formation below $46,600 could cause BTC/USDT to stretch towards $42,800. When we look at the general view, we can see that BTC has already moved to the 42.800 – 46.800 band. In this band range, there is an important support around 44,600.
Finally, when we check the position of the important EMA values, the sequence from the fast average to the slow average maintains its ideal position for bullishness. In fact, when looked carefully, it can be seen that 8-EMA works as dynamic resistance in the short term after sharp and sudden rises. According to the latest situation, the 8-EMA, which is located at $ 45,500, acts as an intermediate resistance in the morning.
These days, where the market is resistant to negative news, the rise may continue from where it left off with the participation of new buyers. For this, a day close above $46,800 is needed. If such a breakdown occurs, the probability of opening the $ 50,000 door for Bitcoin will increase even more.
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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.