Weekly BTC-USD(30th August)
After five weeks of consecutive gains, Bitcoin is facing a bit of a hurdle from the psychological level of 50K. BTC formed a Bearish Doji kind of a candlestick pattern in the last week and dipped minutely by ~1% to close the week at $48,802. BTC has had a volatile last week due to the August monthly expiry in which $2+ Bn F&O contracts expired. At the time of writing, BTC is trading around $47,500.
From the past 5-6 weeks, BTC has been trading in a Rising Wedge formation with higher and lower bands placed at 53K and 47.5K respectively. Currently, bulls are trying to hold above this level but if it breaks 47.5K decisively, more profit booking can be expected in the coming days.
From the last 5-6 days, BTC has been trading in a range of 47K to 50K. Once we get a decisive breakout from this range, further buying or selling pressure can be expected.
Key Levels to watch out for:-
The immediate resistance which is present at 50K will be crucial for the move ahead. Once we get a weekly closing above this level, the next potential target is placed at 52.5K followed by 55K. On the lower side, the nearest support is present at 47K followed by 45.5K.
From the past 5-6 weeks, BTC has been trading in a Rising Wedge formation with higher and lower bands placed at 53K and 47.5K respectively. Currently, bulls are trying to hold above this level but if it breaks 47.5K decisively, more profit booking can be expected in the coming days.
From the last 5-6 days, BTC has been trading in a range of 47K to 50K. Once we get a decisive breakout from this range, further buying or selling pressure can be expected.
Key Levels to watch out for:-
The immediate resistance which is present at 50K will be crucial for the move ahead. Once we get a weekly closing above this level, the next potential target is placed at 52.5K followed by 55K. On the lower side, the nearest support is present at 47K followed by 45.5K.
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