BTC approaches resistance

[Nathrixxx]

Hopefully before the end of August, btc might have reach the peak of $50,000 isn't this good, investors are smiling, below are detailed current status as at the time of making this post.

| BTC has been increasing since July 20 after it reached a local low of $29,278. It created a higher low on Aug 5 and resumed its ascent after.

So far, it has managed to reach a high of $46,700 on Aug 10.

It’s approaching a very significant resistance level between $46,800 and $47,800. The resistance is created by the long-term 0.5 Fib retracement level (white), the short-term 0.618 Fib retracement level (black), and a horizontal resistance area.

Reclaiming this level would go a long way in indicating that the trend is still bullish. However, while the Stochastic oscillator and the MACD are bullish, the RSI has a generated bearish divergence (blue).

Short-term weakness
The six-hour chart shows similar weaknesses. Both the RSI and MACD have generated multiple bearish divergences.

If a decrease occurs, the closest support levels would be found at $39,900 and $37,770. These are the respective 0.382 and 0.5 Fib retracement support levels.

The two-hour chart provides an almost identical reading, with the same divergences visible in the MACD and RSI.

Therefore, it would make sense for BTC to reach a top somewhere inside the aforementioned $46,800-$47,800 resistance area.
Wave count
While the long-term wave count is not entirely clear, the short-term count indicates that BTC is likely in wave five of a bullish impulse (black).
Projecting the lengths of waves 1-3 (black) gives a target of $47,750 while using the length of wave 1 gives a target of $47,250 (orange)

Source link:
https://beincrypto.com/bitcoin-btc-confidently-moves-toward-47000-resistance/?utm_source=thecryptoapp

[Baofeng]

Hopefully before the end of August, btc might have reach the peak of $50,000 isn't this good, investors are smiling, below are detailed current status as at the time of making this post.

~snip~

The price looks so promising as of today, I've seen some attempts of going down few hours ago but it really had broken all barriers. We're closer to the resistance of $47k, based on provided link and there's a possibility that $50k will be reached sooner.
No accurate data will be given, only predictions can be our best reference for now.

Previous resistance is $45k, that's why after reaching that, the price goes on a minor dip. But we're able to get the hump, we are now in $46k, so the next resistance level will be $48k before we can reach $50k.

The good. thing is that we haven't barely on the second or third week of August, so there a lot of time for us to go to $50k now, although I was a bit skeptic at first that $50k could be touch this August, but it seems it might hit it eventually.

[btc_angela]

What happens though when we are about to close that resistance of $47k++ because it is just $1k from the current price we have right now.

Anyhow, I think $47k could be breach in the next 1-3 days, maybe we can see the price goes down a bit, but with the current FOMO we have, no doubt that $47k-$50k could be achievable even better the end of the month.

[palle11]

It is looking as though this is another rally that can push till December. The resistance of $50,000 is likely will hit anytime between this month. It has a volatility that is gradually building just like the first rally last year that has resemblance of 2017. The price has been jumping from $29,000 since the last month and may easily break the $50,000.

[Review Master]

Anyhow, I think $47k could be breach in the next 1-3 days, maybe we can see the price goes down a bit, but with the current FOMO we have, no doubt that $47k-$50k could be achievable even better the end of the month.

Indeed, bitcoin could break that level within this week as everyone's so much bullish after knowing that hashribbon is giving buy signal. As per history, bitcoin took bullish rally when hashribbon provided buy signals. Though we aren't sure yet about current situation whether it’s really a breakout or fakeout, until bitcoin's surpassing the price level of $50k-$55k. So, lets just wait to confirm it. 

[Kusman]

Bitcoin has come close to the resistance level between $46.8k and $47.8k today. It reached $46.7k. I think that it shouldn't be too hard for Bitcoin price to break the current resistance level soon. It is getting closer to $50k and we may even see it in the coming week. If this run isn't interrupted, the price can reach $55k at least before the end of the month. But I'm not very sure about a new ATH level.

[ivankoh]

Anyhow, I think $47k could be breach in the next 1-3 days, maybe we can see the price goes down a bit, but with the current FOMO we have, no doubt that $47k-$50k could be achievable even better the end of the month.

Indeed, bitcoin could break that level within this week as everyone's so much bullish after knowing that hashribbon is giving buy signal. As per history, bitcoin took bullish rally when hashribbon provided buy signals. Though we aren't sure yet about current situation whether it’s really a breakout or fakeout, until bitcoin's surpassing the price level of $50k-$55k. So, lets just wait to confirm it. 

I think we've been flat at $46k for over 2 days now, and maybe the market is looking at new support first... the trend is very similar to when we were at $43k last week. I don't think there's any big range of influence, it's going to be a slow but steady progression. Tomorrow is the decisive day for us to break 50k or sustain, I guess that's the big range

[hugeblack]

Bitcoin has proven that breaking all resistance levels is not difficult and that everything can change overnight, so the 46000 or 48000 levels will not be strong psychological barriers, but rather areas in which the price stabilizes for only a few days.
In general, unless we reach a peak or a new peak, the possibility that the price will be between $25,000 and $61,000 is the case. All resistance levels inside this level will not hold for long periods (a week or two.)

[haidil]

What happens though when we are about to close that resistance of $47k++ because it is just $1k from the current price we have right now.

Anyhow, I think $47k could be breach in the next 1-3 days, maybe we can see the price goes down a bit, but with the current FOMO we have, no doubt that $47k-$50k could be achievable even better the end of the month.

Indeed, it will be very supportive to see it like that, where breaking the $50,000 price is very supportive for us to continue to wait for the close of the end of this month. In fact, many believe that at the end of the year there was another strong push when Amazon officially opened payments with Bitcoin.

[sunsilk]

Yep, a smile on our faces because this is what we like. What's happening is favorable to us, holders and investors and never sold during the dips and as well as those who have bought during the dip.

What happens though when we are about to close that resistance of $47k++ because it is just $1k from the current price we have right now.

Anyhow, I think $47k could be breach in the next 1-3 days, maybe we can see the price goes down a bit, but with the current FOMO we have, no doubt that $47k-$50k could be achievable even better the end of the month.

Hopefully that it will but expect that there will be some dips again as it's on its way to $50k. If it breaks that wall, then we'll see it again crossing back to its former ath.

[Quidat]

What happens though when we are about to close that resistance of $47k++ because it is just $1k from the current price we have right now.

Anyhow, I think $47k could be breach in the next 1-3 days, maybe we can see the price goes down a bit, but with the current FOMO we have, no doubt that $47k-$50k could be achievable even better the end of the month.

Indeed, it will be very supportive to see it like that, where breaking the $50,000 price is very supportive for us to continue to wait for the close of the end of this month. In fact, many believe that at the end of the year there was another strong push when Amazon officially opened payments with Bitcoin.

The price had been moving without any sentiment around which had been always a typical thing here on crypto.Speaking of breaking that resistance is no sure but if this
gradual increase rate will continue then we might really be breaking that 50k barrier.Lets just wait and basing on some technical analysis then it would really still
be possibly moving sideways with this current trend but lets hope that it would make out some significant movement for this month but im not really expecting
that much.

[btc_angela]

What happens though when we are about to close that resistance of $47k++ because it is just $1k from the current price we have right now.

Anyhow, I think $47k could be breach in the next 1-3 days, maybe we can see the price goes down a bit, but with the current FOMO we have, no doubt that $47k-$50k could be achievable even better the end of the month.

Indeed, it will be very supportive to see it like that, where breaking the $50,000 price is very supportive for us to continue to wait for the close of the end of this month. In fact, many believe that at the end of the year there was another strong push when Amazon officially opened payments with Bitcoin.

The price had been moving without any sentiment around which had been always a typical thing here on crypto.Speaking of breaking that resistance is no sure but if this
gradual increase rate will continue then we might really be breaking that 50k barrier.Lets just wait and basing on some technical analysis then it would really still
be possibly moving sideways with this current trend but lets hope that it would make out some significant movement for this month but im not really expecting
that much.

Actually there is a negative sentiments on bitcoin like Crypto firms will report transactions over $10,000 to the IRS under proposed tax push to help fund the US infrastructure plan and then we have the infrastructure bill in the US.

Unfortunately, it didn't have a negative effect on the market as it continues to climb to $46k again (despite going down to $45k). So we are still in good terms as far as the price and sentiments of investors goes.

And looking at the hourly chart, the $47k-$48k resistance could be breach. I will stick to what I said that maybe in the next 1-3 days we will be there.

[thecodebear]

Drop to $44k/high-$43k right now. Nice healthy drop. Could definitely see it going to low 40 to check that support that was previously resistance the past three months. Would like to see Bitcoin just bounce around the 40s for the next few weeks before heading over $50k later on in September. Build up that big gradual base instead of spiking up.

[Hippocrypto]

The attempts had been so intense lately, and what I've observed yesterday many times that it's been closer to $50k as everyone said it's going to be tough challenge before surpassing this price.
We've been so fascinated these days, let's have some time to relax and wait for good progress that's awaiting for our asset.
To release those anxieties, let's not take it so serious and just have a chilling inspirations to make your holdings as a strong foundations for our success.

[ajochems]

The attempts had been so intense lately, and what I've observed yesterday many times that it's been closer to $50k as everyone said it's going to be tough challenge before surpassing this price.
We've been so fascinated these days, let's have some time to relax and wait for good progress that's awaiting for our asset.
To release those anxieties, let's not take it so serious and just have a chilling inspirations to make your holdings as a strong foundations for our success.

The resistance will occur all the time of huge pump in bitcoin. Same happened in the 60k pump and now in 46k pump. The price is doesn't matter. The traders do this, the sell huge at high. More selling encounter the price reduction. This reflected on the price of altcoin too. Same approach applied on altcoin by traders.

[palle11]

Drop to $44k/high-$43k right now. Nice healthy drop. Could definitely see it going to low 40 to check that support that was previously resistance the past three months. Would like to see Bitcoin just bounce around the 40s for the next few weeks before heading over $50k later on in September. Build up that big gradual base instead of spiking up.

I think it will rather be a different thing totally that price can drop to $40,000 but truly and gradually be moving to $50,000. It is now at $46,0128 and can drag upwards as there are no obvious negative news and investors will keep coming in to grab the next round of bull profit , this will push price more upward to an extent it will spike above $50,000 and form a strong support below it.

[zanezane]

Drop to $44k/high-$43k right now. Nice healthy drop. Could definitely see it going to low 40 to check that support that was previously resistance the past three months. Would like to see Bitcoin just bounce around the 40s for the next few weeks before heading over $50k later on in September. Build up that big gradual base instead of spiking up.

Hopefully bitcoin market does that because I have a lot of cash right now and I want to make the most value when it comes to buying cryptocurrency, better to buy when it's much lower/cheaper right? I do have a considerable portfolio already but I really want to get a bigger profit no matter what.

[Oceat]

When it comes to the price prediction we can't do anything about it but wait. The price pump won't be that easy if OP was expecting a quick results within a month but that's not how the market works unless if there's a fomo. So I think the better way to approach this is to wait if bigger company would invest in Bitcoin and create a tons of fomo then the $50k will be just a piece of cake.

But I highly doubt if they would consider to invest in Bitcoin because they never bother to buy Bitcoin when the price was cheap last year. Unless if they were Elon Musk then it will change everything in a minute. For now, let's just enjoy this fruitful $45k after a long time of staying in the $30k+.

[el kaka22]

I would say that we should not be getting too excited constantly. I get that we are doing fine, and I get that the resistance is close and if we can manage to beat it, 50k+ is looking more and more possible, but whenever we go up, there is something that gets us lower for a while.

What we should consider this situation is like the time we were at 30k-40k range, we went up and down constantly, even dropped under 30k at the last run and then went over 40k, same could happen here as well, we could spend 1-2 month between 40k-50k without going over 50k, even having 1-2 times going under 40k and then we could go up over 50k+, meaning I do agree that we will go up, just not right away. We have to be a bit more patient with what we have right now and eventually one day we will have what we want, instead of what we have, and for that we need to be able to wait for it.

[crzy]

Drop to $44k/high-$43k right now. Nice healthy drop. Could definitely see it going to low 40 to check that support that was previously resistance the past three months. Would like to see Bitcoin just bounce around the 40s for the next few weeks before heading over $50k later on in September. Build up that big gradual base instead of spiking up.

Hopefully bitcoin market does that because I have a lot of cash right now and I want to make the most value when it comes to buying cryptocurrency, better to buy when it's much lower/cheaper right? I do have a considerable portfolio already but I really want to get a bigger profit no matter what.

You might not see Bitcoin below $40k again because the price is getting better and once we break another resistance, the trend will continue going up. $48k is the next resistance I believe, we might be able to reach this price by September or early than expected, this is a sign of an uptrend and we can end this year on a price beyond $50k.