Issue 61 – Bitcoin False Break in Play

August 27, 2021

Happy Friday!

Twenty four hours ago, it looked like Bitcoin wanted to test lower levels, including $44,000.

Fast forward to today, and BTCUSDT just confirmed a false break to the downside, so we’ll discuss what that could mean for the market in today’s issue.

We’ll also discuss the last place that makes sense for a macro lower high for ETH, and I’ll provide an update on VET.

Let’s get to it!

Bitcoin (BTCUSDT)

Bitcoin is testing a significant resistance area today at $48,500. That’s the intersection of a descending trend line and the bottom of an ascending channel.

A daily close above that area would flip it to support. Alternatively, a close below $48,500 would keep the area intact as resistance.

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Justin Bennett

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About the Author

I'm Justin Bennett, a currency trader turned crypto enthusiast. My journey started with stocks in 2002. After limited success, I transitioned to currencies in 2007, which later became a full time trading gig. The journey continued, and in 2020, I committed to learning about cryptocurrencies. It was love at first sight. is the culmination of my love for cryptocurrencies, my passion for financial markets, and desire to learn and teach.

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