BTCUSD Weekly Outlook – August 18 , 2021

Last Updated on August 19, 2021

BTC Price Forecast

Introduction

The upward swing of the bullish rise has attracted more PocketOption investors into the market as bitcoin assets show strength for another rise to retest the ATH set on 12 April ‘21. 

Giorgio Jackson is an opposition leader in Chile and he is the founder of the Democratic Revolution political party. He is of the opinion that crypto-assets should be officially recognized in the country having disclosed the crypto coin he has in ETH assets.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD monthly chart - 18th August 2021

 

Monthly Resistance Levels: 64921, 59533

Monthly Support Levels: 47642, 37144, 28805

The monthly chart above shows an established hidden bullish divergence, as the price 

bounce off the 01 June ’21 low at 28805.

If July can end up on a bullish note, we may see more buyers open up long positions as

we can see that the bitcoin jumped from the support region of 28230 after testing the

low for a long period in the past weeks.

The bulls find slight resistance around the 48144 resistance at press time. However, the correction phase is not expected to stand the test of time as more buyers will hop aboard the bullish train.

Weekly Chart

 

Weekly Resistance Levels: 649200, 59206

Weekly Support Levels:  28645, 36800, 46949, 40000 

BTCUSD weekly chart - 18th August 2021

After weeks of bearish dominance, the Bulls were able to close above key levels on the weekly chart and it is significant for the Bulls. The Bull’s momentum was able to close above the 40000-resistance level that the bulls could not break out from for some months.

The market has been liquid as price swings higher. Technically, if the bulls can sustain the run by not closing below the support level of the 36800 zones, we shall consider the market structure as an uptrend for the bitcoin brokers.

Daily Chart

Daily Resistance 42581, 48000, 52300

Daily Support 36980, 29136, 42498

The BTC has enjoyed a bullish rally that started from the 29136 support levels with a bullish engulfing candle. The Bulls have been breaking out above the previous resistance levels to surge higher. Another Bullish run was seen after the Bulls established support from the 36980 levels. They need to close above the 48000 if they are to hit the high of 52300 zone.

From the resistance level of 48000, the zone may bring in the bears who are likely to push the price of bitcoin to the 42498 zones. If the support level is broken, the BTC will drop to the 36980 zones.

Bullish Scenario:

BTCUSD Bulls on the daily time frame have made a major gain in the recent days as they pushed the price higher and higher since bulls took over from the 29017 levels with an increase of about 62% to the high of 47331 zones. Another breakout above the level will take the price higher.

 Bearish Scenario:

Short position traders are few in the market as the resistance zones have been taken out by buyers. However, if sellers can dominate the 47331 zones, we may see the price of BTC drop to the 36980 zones for either a breakout below or a bounce from the low.

Bitcoin BTC News Events 

Across the Bitcoin Metrics

Different data across the board shows significant changes in the BTCUSD sentiments in areas like BTC fundamentals, technical analysis, momentum, and the on-chain data. Records show from analysts that there is growth in numbers of users, miners’ accumulation is on the increase, there is strong accumulation across multiple cohorts and other data suggest a bullish outlook for bitcoin.

Crowd sentiments show that some investors don’t want to miss out on the next bullish wave of bitcoin that may retest the ATH of 64921 because investors have grown in confidence. This reflection can be seen on the on-chain transactions worth over $11 million, accounting for over 50% of transactions.

There is an improvement in the average hash rate as we can see the number improved in the last few days, from 118.22 to 128EH/s.

BTCUSD Conclusion and Projection

The Bullish run has been sustained over the past 20 days, and the momentum keeps building up. The breakout above the previous resistance of 41500 attracted more bitcoin brokers into the BTC market. The key areas on the chart are significant for the bitcoin brokers, investors and traders, as BTC (bitcoin) is either breakthrough key resistance zones or it reverses from the resistance levels. 

The variant of the (COVID-19) virus is actually threatening the recovery progress of the economy globally as the number of infected people increases. In China, we can see that the authorities are carrying out massive tests to avoid another total lockdown while increasing the restriction’s measures of individuals to avoid large numbers of gathering and easy transmission of the virus. 

In the USA, the authority wants to introduce booster shot to their citizens in September because the third dose of the COVID19 vaccine is to help boost antibody levels.

 

James S. Martin
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