Daily Report – Bitcoin and Market Update (August 12 2020)
Middaily consolidating in the similar 2019-like movements followed by upside continuation. High chances BTC/USD is going to present the investors with hidden bullish divergence (Higher Lows PA vs. Lower Lows Oscillator) that would indicate continuation setup as well. MA50 support at 10900 with lower support cluster 9800-10100. Key support level on the chart that should stay remain unbroken to maintain perfect bullish breakout retest is 10500. In case of a dump, we can expect wicks through MA50 although these are going to be the buying opportunities and more of shaking out weak hands imo. Technical breakout range upwards would reach as high as 13600.
MTF picture clearly confirming my Monday’s and Thursday’s market commentary about 11.6-11.7k and 11-11.2k being main local demand zones. Volume by Price proving 11650-11850 being local supply zone that once broken through and reclaimed as bullish territory, is going to result in further upside continuation with the anticipation of upside expansion. MA50 at 11600 adds bearish power to the supply zone mentioned above and is expected to bring bearish reaction on an intraday timeframe. MA200 is showing very well defined 10350 support that in case of the previously mentioned dump, may be the ultimate bottom of the local selloff. Still, the dumps remind me a lot of the shakeouts on the way up from 3100 to 14k. Compare with the chart below. Also don’t forget even -40% aggregated discounts ARE LIVE on any of our subscriptions on our website with the code received in the newsletter 90KSALE. The longer period you choose for your subscription, the greater the discount becomes to save you up to 2300$. It’s huge bargain if you ask me. If you liked our trial, consider our content and what we do valuable, then give it a shot and renew on our website linked below and apply the coupon at the checkout before the payment in FIAT or crypto. See you inside!
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