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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 T 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.

Cryptocademy.com is the culmination of my love for cryptocurrencies, my passion for financial markets, and desire to learn and teach.

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