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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

August 21, 2021

Bitcoin has ended the weekly exactly where it was a week ago, testing $48,000. Any fears that this rally was about to fade and die have been squashed with a little help from Coinbase.

The announcement that Coinbase will purchase $500M of crypto assets has lifted prices. We have seen the same market reaction previously to announcements from Microstrategy. The bid usually lasts a couple of days, until the market has decided ‘they must have bought by now,’ and retraces. Coinbase has also stated they will invest 10% of profits in crypto, and going by the last quarter's results, that’s about $160M of fresh demand, should they keep up the same levels of profitability.

Let’s hope they file and tell us what day of the month they will be deploying that capital…

This weekend’s trading session is now set up for a retest of $50,000. I’ve mentioned previously that the first attempt will likely face increased resistance, as longs become sellers. If you held BTC all the way up to $65,000 and have seen it to $29,000, then taking some profit off the table at $50,000 is probably good for the soul.

But, this is Bitcoin, and Bitcoin does the unexpected, and obviously I hope I’m completely wrong and we shoot straight back to resistance at $58,000.

Technical Analysis

The bullish engulfing candle drove Bitcoin through the 200-day MA and onto the next resistance at $46,800. Resistance is found at the recent high of $48,100 and then at $50,000. Bitcoin supports can be seen at $42,500, $41,400, and $40,000. Alts are looking strong. Ethereum held firmly at $2,900 support and now needs to break local highs for a push towards $4,000.

Bitcoin tested and held channel support overnight. Bullish “gartley” played out nicely on the intraday and “jumped the creek” at $45,500–this can be seen in the demand line being broken. Overhead resistance is at $48,100.

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