Weekly Bitcoin Technical Analysis (August 9th, 2021)
History for the week (From 2nd July to 8th August, 2021)
Opening price: $39,850, closing price: $43,794 => Spread is $3944, up about 9.9%).
Highest price: $45,310, lowest price $37,332 => Spread is $7978 (According to data from Binance exchange).
We summarized some outstanding information from last week:
- Korean Regulator to shut down 11 cryptocurrency exchanges ahead of regulatory deadline
- Internet giant Google’s new ad policy has gone into effect. The company now allows certain cryptocurrency ads, such as those promoting cryptocurrency exchanges and wallets. Advertisers must meet certain requirements and be certified by Google.
- SEC Chairman says Satoshi Nakamoto’s innovation is real, crypto rules are clear
- Xiaomi’s Portuguese outlet now accepts Bitcoin
BTC/USDT weekly chart
Bitcoin price has increased continuously for the past 3 weeks. The price closed far above the resistance level (39k) as we mentioned in last week’s analysis.
Noting that there will be a high probability that Bitcoin will retest to the price zone of 39k before going futher to the next resistance (~48k). If the price close at 39k this week, the worst scenario will happen for Bitcoin.
BTC/USDT 4H chart
In a short timeframes as 1D and 4H, we can say that the bull is domination. However, after touching the 200 MA, the price has dropped as a correction. We expect Bitcoin price to correct in the next few days. The support areas are 42.2k, 40.3k, respectively. If the price does not break down at these two support areas, the next target will be 48k.