Tonight, the BTC rate exceeded $49,000 for the first time since mid-May. As a result, the return on investment inbitcoin is back at 66% YTD after dropping to zero in July.
Bitcoin is moving in an uptrend. The cryptocurrency broke the 200-day moving average (MA) yesterday. If the dynamics continue, we will soon see BTC at $ 51,000.
"The institutional world is starting to be wary of the stock market and this makes cryptocurrencies more attractive."- said Oanda analyst Edward Moya, admitting that if the bullish momentum continues, the cryptocurrency could rise to $ 52,500 by the end of next week.
Bitcoin is recovering
Bitcoin formed the Doji candlestick patterngravestone "on August 18. Since then, the cryptocurrency has strengthened by almost 7% to $ 48,800. BTC has continued to move on an upward trajectory on August 20. The price is trying to break the previous peak of August 14 at 48,150. As a result of yesterday's rally, BTC broke the 200-day moving average. The coin has been circling this level for the past two weeks.
Moreover, BTC rebounded from the short-termsupport at $44,000. Bitcoin is currently above the weekly pivot point of $45,973. As long as it remains above this level, short-term sentiment should be considered bullish.
The first support area is at $42,600. In case of a breakout, the next important area will be around $37,300. Here, the price has formed an increasing low on the daily time frame.
Moreover, the fall in trade volume indicatesto reduce volatility. In addition, the BBWP indicator is declining and has already gone below 50. This situation could lead to a sharp movement - up or down - in the last days of August.
Technical indicators are in a bullish directiondirection The RSI has returned from neutral territory and is moving upward. The MACD, having formed several small bars with negative dynamics, is close to restoring bullish dynamics. Stochastic formed a bullish cross and returned to bullish territory.
The border of the ascending channel is at $51,000
An upward trend is forming on the 4-hour chartparallel channel. It starts at the lows of July 20th. Yesterday, BTC bounced off the lower boundary of this channel and turned upward. The immediate target is the channel median in the area of $51,000.
The $51,000 level is the same as 0.618 Fibonacci retracement relative to the entire downward movement, as well as weekly resistance R3. Thus, it forms an important resistance area where we can expect increased selling pressure.
Where is it more profitable to buy cryptocurrency? TOP-5 exchanges
For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.
The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.
Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?
Rating of cryptocurrency exchanges:
| # | Exchange: | Website: | Rating: |
|---|---|---|---|
| 1 | Binance (Editor's Choice) | https://binance.com | 9.7 |
| 2 | FTX | https://ftx.com | 7.5 |
| 3 | Bybit | https://bybit.com | 7.2 |
| 4 | OKEx | https://okex.com | 7.1 |
| 5 | Exmo | https://exmo.me | 6.9 |
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
- Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
- Platform capabilities- availability of additional features: futures, options, staking, NFT, etc.
- Feedback and support– we analyze user reviews and the quality of technical support.
- Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- final grade– the average number of points for all indicators determines the place in the ranking.
Rate this publication
Read this:
Opinion: Bitcoin is still moving in a clearly downtrend
Tom Lee: BTC price moves to new highs
Bitcoin is undervalued: why is the fundamental price of BTC higher?
When to Buy Bitcoin: Has BTC Price Bottom Already or Not?
After the correction, the bitcoin price will rise to $ 250,000 by the end of 2021
Where is the #BTC price moving