Baxia Markets
August 24, 2021

Bitcoin momentarily breaks the $50,000 barrier

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The cryptocurrency continues its uptrend, and we can say that the downtrend has been reversed. The price broke the 50% Fibonacci retracement, which was a strong resistance level for the pair.

We see that the Bollinger bands are now closing up, which brings down the volatility the bands are moving upwards, indicating an uptrend continuity. The price is consolidating at the high $49,000. The price trades closer to the upper band, suggesting that it is relatively high.


BTC August 23rd 2021

The relative strength index is at 69%, which could drive the price down in the short term; the pair could find support at the $46,751 price line at the 50% retracement. We could see the RSI stay overbought for a few sessions before the price starts falling; this would be just a temporary retracement; the pair is expected to continue moving up for the midterm.

Our parabolic SAR suggests that the uptrend will continue. The short and long-term moving averages are moving up, and the spread between the lines continues to expand.


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