TradeDog-Research

Weekly BTC-USD)(9th August)

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTC continues its joyride for the third straight week, it has appreciated by ~50% in the last 3 weeks. With this week’s bullish candle, BTC has completed 3 White Soldiers candlestick patterns, this is a bullish pattern and is used to predict market reversal. Currently, it is sustaining above its 0.618 Fibonacci retracement level, which is present at $43,045.

After almost 2 months of consolidation, BTC managed to decisively break its sideways trend by closing this week above $41,500. Weekly MACD is also signalling a trend reversal as it has started to enter the positive territory. On the Daily TF, the Golden cross can be expected in the next couple of weeks.

On the higher side, the immediate resistance is present at $44.5K. If it breaks this range decisively, the next major resistance is present at $47K followed by $49.5K.

On the lower side, the nearest support is present at $42.5K, if it closes below this level, the next potential support is present at $41.3K followed by $39.5K.

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