Weekly Analysis of BTC-USD(16th August)

Bitcoin continued its bullish saga for 4th straight week as it has now rebounded more than 41% from its July lows. BTC formed a strong bullish candle and appreciated by more than 7% in the past week alone. Weekly MACD is also depicting a bullish scenario as it is entering into positive territory. At the time of writing, BTC is trading around $47K.

The positive trend is still intact and there is now signs of weakness as of now. BTC has already given a trendline breakout and is currently sustaining above that range. Also, BTC has already given a Golden Crossover on the Daily TF, which depicts that buying momentum is most likely to continue in the coming sessions.

On the higher side, the immediate hurdle is present at $48K as it has tried to breach this level thrice but hasn’t been able to do so, however, if it decisively breaks this resistance, the next potential target is present at $49.5K, followed by the next level of $51K.

On the lower side, the nearest support is present at $46.5K, if it breaks down below this level, the next support is present at $45.5K followed by $44K. Currently, as all the indicators depict a positive stance, any decline or retracement should be considered a buying opportunity.


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