THE EQONEX CRYPTO GUIDE AND LEARN HUB
Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

August 31, 2021

Bitcoin has fallen 2% today, after a weekend trading session in which the market really couldn't decide if it wanted to move higher or lower. There is no impetus driving the market and we are nestled nicely at the top end of the range, with dips supported and rallies sold. Having spent 11 days around these levels, we look for a break out to set the tone for the next leg, with $46,000 and $50,000 the key areas to watch.

... Which matches nicely with the accumulation seen in the below chart.

A break above $50,000 is likely to push Bitcoin directly to $54,000, a break below $46,000 and we go back to test $40,000.

The market appears to be setting itself up for a rally to higher levels if we conclude that traders sending Bitcoin to derivative exchanges (rather than spot exchanges) is a bullish sign.

That's my go-to theory on these plays. If you send coins to a spot exchange, you're likely to be selling them. If you send to a derivatives exchange, its because you want the leverage they offer. As of today, you could just send them to EQONEX and enjoy our cross-collateral offering, which you can read all about here.

At the end of last week, we saw the first signs that miners are feeling confident that their selling activity will be absorbed by the market. A slight rise, albeit small, is still a positive sign that the market can sustain the increased inflows.

I'll be watching these 3 charts with a keen eye this week.

Technical Analysis

Bitcoin started Monday in the same tight range seen over the weekend. Supports remain at $46,800, $46,000, and $44,000. A close below $44,000 is required to reassess the rally. A move up and close above $49,300 will signal a continuation of the bullish trend.

Bitcoin price action was driven by Hurricane Ida, which made landfall, hitting Louisiana with extreme winds and a storm surge. Near-term support and resistance levels are at $46,800 and $49,300. The RSI is again low, providing room for upside.

Bitcoin traded sideways over the last week, closing today on the weekly at just above $48,000. Initial highs during the week were rejected above $50,000, as was the pullback toward $46,000. The RSI oscillator is sitting at 60%: Any move above this level will be extremely bullish.

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