Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for September 1, 2021

Crypto Industry News:
The number of BTC addresses sending coins to exchanges reached the lowest monthly level - 4,831,226. This is according to on-chain data provided by the analytical company Glassnode.

This is a bullish trend as the number of bitcoins stored in cold wallets outstrips those found in cryptocurrency exchanges. This is another sign that there is a hodling sentiment among investors.

In the bitcoin network ecosystem, long-term breeders are gaining more and more. Their shares have recently reached a record level of nearly 12.75 million BTC. On the other hand, Bitcoin's average coin sleep rate hit its 3-year low - 4.475.


Technical Market Outlook
The BTC/USD pair has been seen consolidating around the level of $46,719 as the volatility decreases. The nearest technical resistance is seen at the levels of $49,316 and $50,456 (last week high). The key short-term technical support is seen at $46,719 and $46,209 (last week lows). On the higher time frame chart than H4, the bulls are having problems with the level of $51,189, which is the 61% Fibonacci retracement of the whole move down.

Weekly Pivot Points:
WR3 - $54,910
WR2 - $52,718
WR1 - $50,895

Weekly Pivot - $48,630
WS1 - $46,765
WS2 - $43,987
WS3 - $42,007


Trading Outlook:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $51,189, which is the 61% Fibonacci retracement of the whole move down. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).







Sebastian Seliga
Analytical expert of InstaForex
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