Sunday, August 14

Bitcoin: There will be a risk of continuity to the upside if it validates the 49,504.47 dollars

The daily chart of Bitcoin shows that at the close of yesterday there was a hammer figure, the inside bar figure of the previous day has been validated and for there to be a risk of continuity to the upside you need to validate the $ 49,504.47. Its violation could generate recoveries today and new highs tomorrow.

To have an important signal, the bearish channel should be breached to the upside. That will be the first sign. Positive signs would be to violate the downtrend line on the upper side, from there you could think of an impulsive pattern. It has important support that comes from the past and therefore, if it validates yesterday’s hammer figure and violates the downtrend line, violating $ 51,970.69 in a daily close, we could think of Wave 1, Correction in 2 and upward risk in wave 3.

In series of 60 minutes, despite having lost the trend lines and even the critical point, the market recovered yesterday. First sign of strength is to go above the upper side of the channel and then to go above the right shoulder ($ 50,796.79) of the figure that is still in effect from HCH. To have bearish risk, you should lose both trend lines and the critical point of the figure, $ 46,798.03.

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