Bitcoin Price Analysis August Week 2

Bitcoin (BTC) is expressing some bullish indications in its regular operations as the supreme crypto token is presently trading between $23,657.27 and $24,786.88. Nonetheless, it has not yet come out of a momentary corrective pattern. Today, on 13th of June, the Bitcoin Fear and Greed Index reached 46 (almost Neutral) which is a really good sign.

Since, 18th June this year, after touching a huge low of approximately $17,622, Bitcoin has been witnessing an uptrend. On 19th July, the token left its long-term decreasing behavior, which it has been experiencing since March’s denouement. On 11th August, the price of Bitcoin reached the figure of $24,918, which counted as its local high since 12th June. Nevertheless, it remained unsuccessful in maintaining the respective increase thus a large upper wick was generated by it in the regular candlestick.

In the case of the continuation of the upward movement, the nearest resistance zone would be discovered at approximately $29,370. This aim is considered to be the level of FiB retracement showing the resistance at 0.382. An important thing in this respect is related to the regular RSI, which progressed above 50 simultaneously and the price stopped its decreasing resistance level.

Short-Term Pattern of Bitcoin

Since then, an elevating triangle has been generated by the token, displaying a bullish outline. At the moment, the indicator is at 61, straight at the respective pattern’s resistance line. In this way, the current level would potentially assist in increasing the price. Since the bottom of 18th June, notwithstanding the comparative bullishness witnessed in the regular time frame, it has been pointed out by the six-hour chart that Bitcoin has been exchanging in a growing parallel channel.

This signifies that there is expected an ultimate breakdown from this. Apart from that, the price has originated the like of a double top that is shorter, representing a bearish trend made at the channel’s resistance line. On 9th August, the price of Bitcoin rebounded from this channel’s midline and at a mounting support line which is momentary short-term. Hence, whether Bitcoin escapes the channel or runs short of the support level will potentially determine the future trend’s direction.

Wave Count

The chief wave count demonstrates that Bitcoin is potentially existing in wave three out of 5-wave upward progress. The sub-wave count additionally denotes that the price of the token is in the 3rd wave, meaning that the upward advancement will fast-track in the coming time. Therefore, the overall performance of Bitcoin, if moves at the current pace, is bullish and the primary crypto token has the chance to get back to its position before the crypto winter.