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.


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