Bitcoin Awakens
August 9, 2021
≈ You knew it wasn’t really dead, right? ≈
Traders,
Digital currencies continued their recovery bid over the weekend, with Bitcoin and Ethereum pushing past pivotal price levels. Bitcoin finally breached the resistance zone between $41k and $42k. It’s the second significant ceiling the crypto king has taken out since bottoming last month and solidifies the posture of its new uptrend. We now have two higher pivot highs to accompany the higher pivot low that formed last week.
What’s more, prices are perched above all major moving averages, clearing the way for trend continuation. For their part, volume patterns are buttressing the bullish argument. The last two advances have seen lovely accumulation candles accompany them to signal big buyers are entering the fray.
Say what you will about where you think Bitcoin may go from here, but there’s no denying that bulls now dominate the field, and the path of least resistance is higher. The next two major upside price targets are $47,500 and $58,500.
On a side note, it’s not a coincidence that stocks linked to the crypto sphere are starting to ramp here (see MARA, RIOT, MSTR, COIN)
#TeamTackle
Chart of the Day
Bitcoin (/BTC)
The bear market in bitcoin appears to be over. From peak-to-trough, /BTC fell 56%. By stock standards, it would have been one of the nastiest bears in history. But this is crypto. Getting cut in half is actually one of the less severe downturns, lol.
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