- Price has been pushing higher and breaking through its barriers.
- BTC/USD has now violated the weekly resistance at $46,800.
- A successful retest and break formation will set the coin on a clear course towards $52,000.
BTC/USD has a clear run towards the $52,000 key level after violating the weekly resistance at $46,800. Ever since the rally of the king coin started on the 21st of July 2021, the market has been pushing higher and breaking through its barriers. The $46.800 resistance is one of a list of hurdles that have been overcome in the coin’s recent pump. It began with the $37,500 resistance, which was not strong enough to withstand the upthrust of the market and was bypassed easily.
BTC/USD Key Level
Resistance Levels: $42,500, $46,800, $52,000
Support Levels: $37,500, $42,500, $45,000
BTC/USD Long Term Trend: Bullish
When the crypto, however, got to $42,500 on the 30th of July, it wasn’t given a free run. BTC had to pull back to retest at $37.500 before it opened a clear path for itself through the barrier. This is also the pattern which the coin followed when it got to the $45,000 key level. It pulled back to retest at $42,500 before shooting up. Eventually, when the coin got to the $46,800 weekly resistance on the 10th of August, the price also executed its trusted retest and break formation to break above it.
The coin has now violated the $46,800 resistance, but bulls are having the struggle to hold it and move clear of it. The market has dropped to lower support at $45,000, with which it will look to spring up past the $46,800 barrier. The MACD (Moving Average Convergence Divergence) has shown reducing bullish histogram bars. This means that though there is still bullish impetus in the market unless buyers remain steadfast, bears might just nip the market off them.
BTC/USD Short Term Trend: Bullish
On the 4-hour chart, BTC/USD is generally moving up a channel. After the first two weeks in which the market was trading in the upper half of the channel, bears seem to have gradually started influencing the market. And by the 12th of August, price has fallen to the lower half. Bulls tried to climb above again, but they have now fallen to the lower border. Such that the last 4-hour candle has its wick piercing out of the channel.
Nevertheless, the coin has bounced off $45,000. If they can move above the middle line of the Envelope, this should help the bulls move clear of $46,800 and set them on a clear course towards $52,000.
Also read: What is Bitcoin a Step-by-Step Guide
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