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Where to next for Bitcoin?

Luke Suddards
Luke Suddards
Research Strategist
Aug 25, 2021
Bitcoin has had an explosive move over the last 2 months. Read below to find out more.
Is this another dip to be bought or the beginning of a deeper correction?

Price bounced off its 21-day EMA to finish above the 200-day SMA. The $49.2k resistance (former range support) is providing some stickiness for bulls to take price higher. The RSI has moved out of overbought territory and approaching the 55 level of support which ensure price dips were held and we didn’t see a reversal of the uptrend. There is some negative divergence that’s formed, leading to some loss of steam on the momentum front. Targets - to the upside are $49.2k (decisive close above) and the $52.775k mark which was former range support earlier this year. On the downside targets are the 21-day EMA and 200-day SMA providing support at roughly $46k and the former range resistance at $41k. There is minor support at 44K too.

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