CountOnCrypto - Bitcoin Forecast - 25/08/2021
Updated
I think if bitcoin breaks below 47.7k then we'll retrace to the previous daily low on the 20th of August which is around 46.6k. I'm also going to be watching the 200-day moving average, a break below this level would signify further bearish price action.
I'm optimistic as of now as the price is within the golden pocket (CC level) on the Fibonacci retracement, we bounced off the .618 as a level of support in the previous candle which is a level that acted as resistance on the 14th and 16th of August. Resistance becomes support and vice versa when the level breaks, we can expect the levels to also be respected.
In terms of a price target, the.768 Fibonacci retracement is the next logical upside target; before we get to that level we will cross over a logarithmic growth curve, it's a good idea to remember this could act as a level of resistance so keep an eye on it.
Please remember to do your own research before risking any money on the market, trading comes with high risk when done with beginner's experience and without knowledge of technical analysis.
I'm optimistic as of now as the price is within the golden pocket (CC level) on the Fibonacci retracement, we bounced off the .618 as a level of support in the previous candle which is a level that acted as resistance on the 14th and 16th of August. Resistance becomes support and vice versa when the level breaks, we can expect the levels to also be respected.
In terms of a price target, the.768 Fibonacci retracement is the next logical upside target; before we get to that level we will cross over a logarithmic growth curve, it's a good idea to remember this could act as a level of resistance so keep an eye on it.
Please remember to do your own research before risking any money on the market, trading comes with high risk when done with beginner's experience and without knowledge of technical analysis.
Trade active
Long entry met.
Instagram: instagram.com/countoncrypto/
Telegram Profits: t.me/CountOnCryptoProfits
Telegram Reviews & Testimonials: t.me/CountOnCryptoReviews
Telegram Contact: t.me/CountOnCrypto
Telegram Profits: t.me/CountOnCryptoProfits
Telegram Reviews & Testimonials: t.me/CountOnCryptoReviews
Telegram Contact: t.me/CountOnCrypto
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.